The Big 4 accounting firms, once considered resilient to global economy slow down and credit crunch, have started to laid off its staffs. Apparently, it's not only the bankers are affected, but also the auditors/ consultants.
It's reported that Ersnt & Young Australia has sacked nearly 100 staffs recently.
Just yesterday, Treasuer of Australia Wayne Swan reported that Australia economy fell in to a recession trap, as evidenced by GDP shrank by 0.5 percent in 4th Quarter 2008. The economy is contracting for the first time in 8 years.
What about other Big 4 ( namely: Pricewaterhouse Coopers, KPMG, Deloitte & Touche)? Are they retrenching ?
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