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Tue Nov 11, 2008 10:03 pm
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For anyone that has recently been laid off... Is your severance paid in a lump-sum or like a regular paycheck? Can you negociate a lump-sum option?
After all, a lump-sum severance would be wonderfully helpful in obtaining Unemployment Insurance in these bleakest of times.
Also, do you know if you're officially laid-off from Deloitte when they say you are. For instance, I've read threads that say that when a recruiter calls Deloitte, they won't admit that they have severed ties with the person.
Thanks a million! |
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| Posted:
Wed Nov 12, 2008 12:21 pm
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The severance package would be paid in lumpsum within 10 days of you sending across the signed release documents (with or without the general release waiver). I am not sure if you can negotiate the severance package, I doubt it, but you can always give it a try.
I am not sure about the official layoff, but you can always call up theworknumber.com contact number and check your status for yourself.
Good luck !
| Mew-Hire wrote: |
For anyone that has recently been laid off... Is your severance paid in a lump-sum or like a regular paycheck? Can you negociate a lump-sum option?
After all, a lump-sum severance would be wonderfully helpful in obtaining Unemployment Insurance in these bleakest of times.
Also, do you know if you're officially laid-off from Deloitte when they say you are. For instance, I've read threads that say that when a recruiter calls Deloitte, they won't admit that they have severed ties with the person.
Thanks a million!
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| Posted:
Wed Nov 12, 2008 6:15 pm
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| What's the current status on layoffs? Are they still in full flow ir have diesd down. Any word? |
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| Posted:
Wed Nov 12, 2008 8:47 pm
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| JustDFax wrote: |
Now here's a little news item that I heard some partners were scrambling around about, but trying to keep under wraps. Source is Courthouse News Service.
Deloitte Says Partner Traded Illegally
WILMINGTON, DEL. (CN) - Deloitte & Touche says a 30-year partner traded on inside information he got from audits, and lied about it for years. It sued Thomas P. Flanagan in Chancery Court.
Flanagan "for 30 years was a partner" in Deloitte & Touche or a predecessor "until his abrupt resignation less than two months ago," Deloitte claims. It says he betrayed his trust and violated company policy by trading in securities of audit clients, including some of his own accounts, since 2005.
"Compounding his wrongdoing, Flanagan repeatedly lied to Deloitte about his clandestine trading activities in annual written certifications, going to far as to conceal the existence of a number of his brokerage accounts to avoid detection of his improper conduct," Deloitte says. It says that both Deloitte and its clients have had to pay legal costs to investigate Deloitte's ability to continue as independent auditor, due to Flanagan's shenanigans. It seeks monetary damages.
The complaint does not state, or estimate, how much Flanagan made from his alleged inside trades. Deloitte says that it still does not know the extent of them.
Deloitte & Touche is represented by Paul Lockwood with Skadden Arps."
And here's some select commentary from the Huffington Post, although similar commentary appeared in the Chicago Tribune:
"Here’s an item from the “stories buried by the onslaught of election news” department: Big Four accounting firm Deloitte & Touche sued Thomas P. Flanagan, who’d been a firm partner for 30 years, in Delaware court last week.
In the complaint, first reported by Courthouse News Service, Deloitte alleges that Flanagan, a Chicago-based vice chairman until he resigned two months ago, traded in securities relating to Deloitte clients — including several with whom he worked. The firm claims he repeatedly lied about his trading in annual written certifications and concealed the existence of several trading accounts.
Flanagan “betrayed the trust of his partners,” the complaint reads.
Now, this isn’t some junior accountant who violated minor rules. Flanagan was a major player at Deloitte’s Chicago office, and the subject of a fawning Q&A in the Tribune last spring. The former Army infantryman until recently served on the board of the Boys & Girls Clubs of America and is ex-chairman of its Midwest region. (A Boys & Girls Clubs spokeswoman said Flanagan voluntarily resigned on October 31, a day after the organization became aware of the allegations.) He received Deloitte’s Community Impact Award in 2003, according to a Google cache of a page from the firm’s Web site (removed sometime during the past few weeks).
Until his resignation, Flanagan served as an advisory partner, which means he could sit in on the audit committees of clients. These board subcommittees offered him access to information that no one other than the companies’ own executives and directors had — on strategy, profits/losses, mergers/acquisitions, and basically anything you can imagine that companies don’t disclose until they absolutely have to. He used that information to engage in options trading with respect to 12 Deloitte clients, the firm claims. (Last week’s quarterly filing by Chicago construction materials giant USG suggested it was one of those clients.) In one blatant potential insider trading move, Flanagan allegedly bought stock in a client company’s acquisition target one week before the purchase was announced. Why he’d take such extreme actions is anybody’s guess, especially given that Flanagan was risking a potential annual pension equal to his current salary, which is likely in the mid-six-figures.
What’s more surprising is that he got away with it for so long (at least three years, according to the complaint). Disclosure rules for employees at major accounting firms are extremely strict. Even low-level auditors must report all securities holdings. Yet Deloitte admits in the complaint that it was not aware of Flanagan’s alleged trading until August, when an unnamed regulatory agency started asking questions. At that point, he told the firm he’d already been questioned by regulators and had retained an attorney, but had conveniently neglected to disclose those facts to his partners. Deloitte’s response is this lawsuit, which alleges several claims, including breach of fiduciary duty, breach of contract, and fraud. Some partnership, eh?
Accounting firms exist, at least in part, to create an equal informational playing field for investors. We trust them as our representatives to collect and certify information. When they trade on that information, it violates this pact. If a firm takes three years to catch a rogue partner, either something is wrong with its internal controls, or the system as a whole needs some fixing.
Here’s a statement emailed by a Deloitte spokeswoman:
Deloitte unequivocally condemns the actions of this individual, which are unprecedented in our experience. His personal trading activities were in blatant violation of Deloitte’s strict and clearly stated policies for investments by partners and other professional personnel. Further, it appears that he intentionally skirted our system for reporting and tracking investments. We are taking this very seriously and are conducting our own investigation into the matter.
Interesting, to say the least. While the rest of the country (and the accounting profession) was focused on the election - and D employees on their uncertain futures - and D partners on their earnings - this was quietly going on and discussed in various partner meetings - all with the caveat of a 'gag order' in effect.
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This guys office was right around the corner from mine. There was a mass message via voicemail sent out to all chicago AERS regarding his actions. |
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| Posted:
Wed Nov 12, 2008 9:00 pm
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heard this from a partner .please expect the next round of layoffs end of jan.bottom line is pretty bad.and with economy softening.. we will target folks who had abad utils during mid year. plus we already have the campus guys on the beach and we cant send them.
Counselors or project leadership dont know the specifics .. |
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| Posted:
Wed Nov 12, 2008 10:39 pm
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| Anonymous wrote: |
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What's the current status on layoffs? Are they still in full flow ir have diesd down. Any word?
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AERS 'realigned' a large part of a target of 900 people, but there are still realignments pending in that group. Recent accounting period financial results and projections were released to the partners and the outlook is bad through 2009 - so the next layoffs won't just be in AERS. Word here is that some layoffs will occur before Christmas, with a lot more coming in January after mid year reviews and mid year financial updates. |
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| Posted:
Thu Nov 13, 2008 12:07 am
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Layoff statistics: in S&O, The west region (SF/LA)let go roughly ~30 people out of ~300 staff. slightly less than 10%. Waiting to hear Punit Rejen's next town hall meeting
Based on # of people on the bench, I think they can easily trimm down another 20%, purely speculation. |
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| Posted:
Thu Nov 13, 2008 7:17 am
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| So new hires are on the beach huh? Has any new hire had their start date pushed forward? |
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| Posted:
Thu Nov 13, 2008 10:01 am
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not yet.. they try not to lose that and jeopardize the branding.. that would be only worst case.. according to salzburg's latest straight talk economy is not going to improve till end of 2009.
so experienced folks with low utils may get weeded now in mid year and then in year end .. less than 1 year exp would be weeded as well as they now have 1 year experience but may have been in beach for a longer time. |
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| Posted:
Fri Nov 14, 2008 9:26 am
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| ExGreenLife wrote: |
The severance package would be paid in lumpsum within 10 days of you sending across the signed release documents (with or without the general release waiver). I am not sure if you can negotiate the severance package, I doubt it, but you can always give it a try.
I am not sure about the official layoff, but you can always call up theworknumber.com contact number and check your status for yourself.
Good luck !
| Mew-Hire wrote: |
For anyone that has recently been laid off... Is your severance paid in a lump-sum or like a regular paycheck? Can you negociate a lump-sum option?
After all, a lump-sum severance would be wonderfully helpful in obtaining Unemployment Insurance in these bleakest of times.
Also, do you know if you're officially laid-off from Deloitte when they say you are. For instance, I've read threads that say that when a recruiter calls Deloitte, they won't admit that they have severed ties with the person.
Thanks a million!
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Actually, as one who is already there...it is NOT paid in a lump sum. That allows you to show as still employed when a potential employer calls the number. This is really an advantage...a current employee looking for work is better than one on the street. Though explaining to a potential employer the situation is a challenge. I realize it delays unemployment benefits, really, from my perspective, I don't want to start drawing on them until the severance is gone. You get your PTO balance at the end as well. |
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| Posted:
Fri Nov 14, 2008 3:04 pm
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Is January a good time to initiate a transfer to EA - Oracle from TI? I was planning to initiate the transfer via the "Internal Mobility Program". I am expecting a PDA rating of 2 and have 98% utilization.
How is the pipeline in EA - Oracle look like from Jan 2009? My skills are in the configurator/manufacturing and supply chain area in Oracle EBS 11.5.10.2
I have been preparing for this transfer for the last 7 to 8 months and will like to initiate. But, I am scared with all these things going on. |
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| Posted:
Fri Nov 14, 2008 3:20 pm
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Are you sure that when an employer verifies the employment using worknumber.com, it will show that a laid-off employee with severence is still employed until the salaries are paid,m like 4 weeks or 8 weeks or whatever?
Does this mean that the official end date is the last day salaries were paid, and not the lay-off date? |
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| Posted:
Sat Nov 15, 2008 7:23 am
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| Lied to when being sacked wrote: |
Yes - we all know it is a business, but the lying and cowardice by some colleagues that we put trust in does sting. Best to to flip the negative energy from the betrayal into positive growth energy and cherish those friends/family inside and outside of the Deloitte organization that stood by us while we got sold out at the worst possible time - not so that Deloitte could survive, but rather in a desperate attempt to protect partner unit values.
| IGOTLAIDOFF2 wrote: |
Further proof that I was lied to by my function's leader. The morning of 10/15, he said he didn't yet know how the layoffs would affect our team, if at all. Yet, that's the day I got laid off (a mere 3 hours later). My separation memo was dated 10/15 (that day), but in the footer, it says "Rev. 10/03/08" so it had to have been prepared about two weeks prior, and in order for it to have been prepared, my name (and the names of my colleagues who were also let go) would have had to have been supplied to HR on or before THAT day.
Again, I'm not angry that I was laid off. In fact, I partially expected it. What I'm angry about is the lying that led up to it. So unnecessary!
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So anyone who isn't living under a rock knows that layoffs are happening firm wide. We don't know when or if it will be our turn at any day now. For those who do know that someone will be laid off, how would you address it to that person who will be affected? For those complaining about being LIED TO and calling the messengers COWARD, how do you honestly expect to be told? Do you really think it's easy to tell someone? Do you really think that they should give you enough prep time to pack your things? |
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| Posted:
Sat Nov 15, 2008 7:26 am
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| PatrickS wrote: |
Is January a good time to initiate a transfer to EA - Oracle from TI? I was planning to initiate the transfer via the "Internal Mobility Program". I am expecting a PDA rating of 2 and have 98% utilization.
How is the pipeline in EA - Oracle look like from Jan 2009? My skills are in the configurator/manufacturing and supply chain area in Oracle EBS 11.5.10.2
I have been preparing for this transfer for the last 7 to 8 months and will like to initiate. But, I am scared with all these things going on.
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Stay low. Not much pipeline. |
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| Posted:
Sun Nov 16, 2008 12:59 am
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Jan 09 will have many more to go. As soon as the mid-years are done, the layoffs will begin. No good holidays.
For staff:
The leverage model will force more staff level people to go and lesser managers/sr managers to go. The newbies will also be shed eventually. The firm will have no choice.
For managers:
Though it was decided that paycuts will not be used as a tool, the firm will have to ask sr managers if they are ready to take paycuts. The firm will have no choice.    |
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