We’re hearing rumors that Deloitte’s securitization transaction practice group, said to be the biggest player in the mortgage, asset backed and CDO arena, held a meeting with the entire group last week announcing a major reorganization involving layoffs, relocations and transfers. The moves are expected in the coming 3-6 weeks, according to our source.
Deloitte calls this story inaccurate but hints that it may indeed be moving people out of its securitization practice.
“As with any other business, Deloitte continually looks at its workforce to determine how best to service its clients. That occasionally means deploying people in other areas that need more resources. While the economy may have slowed securitizations transactions across the industry, clients of Deloitte are still doing deals,” a Deloitte spokesperson said.
The moves may be an indication that Deloitte does not believe the securitization practice is likely to return any time soon.
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With April 15 not too far away, maybe H&R Block can hire Deloitte’s ex-employees.
Don’t they need all those securitization experts in the auditing practice now?
I dunno i never understood how these firms work
is boa laying people off today?
thats what i heard too so far i have only noted one equity analyst fired
I heard BoA laying off too, and also MS this week
got a goodbye email from a HY research analyst this morning
The rumors are true. I currently work at Deloitte in the Securitization group. They are providing transfers within the company and laying a lot of people off. It makes me mad that Deloitte calls the rumor inaccurate because a lot of people are going to be laid off. Liars.
Deloitte blows
@10:29 Of course they’re going to deny the rumor. What do you expect them to do, confirm it before they talk to the people being impacted? I know it sucks being out of work, but get real. And be thankful that people are being moved elsewhere.
IBs announce layoffs well in advance of actually talking to people, but they are jerks, accounting firms are supposed to be nicer than that
@10:55, why?
@11:04 Maybe they’re nicer because they work people just as hard but pay them substantially less. This is a way to fool associates into being less cranky about that disparity.
@reality check
they are friendlier types of firms that have typically tried to provide quality of life advantages to the skilled people they employ and underpay relative to IB peers
although just about every professional environment tries to be more friendly than an IB, except maybe Wachtell
@11:10 – Big 4 firms DON’T work associates nearly as hard as do IBs, and they aren’t as selective in their recruiting practices either. So any disparity in pay is logical and valid, IMO.
Anyway, accounting firms have taken the “Mr. Nice Guy” approach to recruiting / branding. It’s interesting to watch accounting associates slowly come to the realization that all the taglines and initiatives are just rhetoric – and that the accounting firms can be just as brutal as any other business.
got a goodbye email from BofA banks analyst
I would agree that they are not as selective in their recruiting practices but “they dont work associates nearly as hard” is total bullshit. In business, looking good is 80%. So the polished and most square jawed are at the I banks, sourced from the most elite schools. That’s where the selective recruiting comes in. The smartest of the Queens College Russians, Poles, Albanians, Indians, wind up at big 4. Supplemented of course by the corn fed boys from Wabash U and the like. At the end of the day though everyone is worked equally hard.
Working for an accounting firm was supposed to be a safe haven, where employees had less pay but more job security– this characteristic has quite apparently not held true for the securitization practice.
But what’s interesting is that many who were afraid to take the leap from the big 4 to the I-banks a year or two ago (specifically because of this pseudo-job-security aspect) may be kicking themselves in the *ss– they unfortunately missed out on some extra cash, and now we’re all in the same boat.
i used to work in a Big 4 firm. And then I got a job at a BB bank. (Yes, that was a career break from the heavens.) Things move a lot faster at the bank, and the pay is better. And the people are much more socially adept.
Big 4 people work very hard. But the accounting firms pay very badly relative to the hours required. However, accounting firm people do get vacations that they actually can take, in addition to the ability to work from home in many jobs.
do BB recruit from big4 frequently? like besides for equity research?
There are a lot of people from Big 4 at bulge bracket banks in positions other than equity research. Just ask around.
I don’t think that it’s a “recruiting practice” as much as place where candidates with good attention to detail and sharpened technical skills come from.
There are a lot of people from Big 4 at bulge bracket banks in positions other than equity research. Just ask around. People from many groups, including investment banking, have a few years of Big 4 experience in their histories.
I don’t think that it’s a “recruiting practice” as much as place where candidates with good attention to detail and sharpened technical skills come from.
@11:50 – “‘they dont work associates nearly as hard’ is total bullshit.”
And you know this how? I worked in Big 4 for several years and while I worked hard, I didn’t work nearly as hard as my IB counterparts. In fact, I don’t know anyone in Big 4 who works/worked as hard as the avg. I-banker. If you’re consistently working IB hours at an accounting firm, there’s something wrong.
@1:47 okay makes sense thanks
As a current Big 4 employee in a securitzation group, this doesnt come as much of a surprise. Our firm has been relocating professionals into other groups for over 6 months. Having such a diverse company affords us the ability to do that.
While i have thought about moving to an IB group, in times like these i’m thankful that i stayed put, at least for now.
As a current Big 4 employee in a securitzation group, this doesnt come as much of a surprise. Our firm has been relocating professionals into other groups for over 6 months. Having such a diverse company affords us the ability to do that.
While i have thought about moving to an IB group, in times like these i’m thankful that i stayed put, at least for now.
As a current Big 4 employee in a securitzation group, this doesnt come as much of a surprise. Our firm has been relocating professionals into other groups for over 6 months. Having such a diverse company affords us the ability to do that.
While i have thought about moving to an IB group, in times like these i’m thankful that i stayed put, at least for now.
“So the polished and most square jawed are at the IB”
Are you on drugs?
When I looked around ML, LB, CS, etc all i saw was squat, double chinned, balding, pasty, UN club rejects who get little action….
Sorry maybe in some movie they say its like that…..and the women make the guys look good.
“The smartest of the Queens College Russians, Poles, Albanians, Indians, wind up at big 4.”
Take it easy Igorski Khan Ghandi…
City University is the college of most Fortune 500 CEOs, not ivy
10:29 is an uninformed ass clown
10:29 is an uninformed ass clown