The geniuses leading us led to this:
Auditing firm BDO USA has conducted layoffs and suspended non essential travel to cut costs while managing a $1.3 billion ESOP related loan from Apollo Global Management.
Bloomberg reporting cited by Yahoo Finance says the roughly 9 percent interest debt, reduced by 100 basis points after a June 30 refinancing, is pressuring multiple departments including tax, audit, and advisory. BDO declined comment on client matters.
The firm also faces scrutiny from a proposed ESOP class action alleging workers overpaid to join the plan, and reputational fallout from First Brands Group’s bankruptcy after BDO provided a clean audit opinion.
Despite headwinds, a source said the firm remains financially stable and continues to optimize operations. BDO reported $2.89 billion in revenue for the year ended December 31 and in September announced plans to hire more than 1,300 people from HORNE.
BDO USA - Chicago IL
https://finance.yahoo.com/news/bdo-usa-lays-off-employees-100153492.html