Focus Financial Partners layoffs, on the record
Every job cut, severance charge and restructuring Focus Financial Partners reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from over 3,600 to over 5,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | over 3,600 | December 31, 2020 |
| 10-K for 2021 | over 4,400 | December 31, 2021 |
| 10-K for 2022 | over 5,000 | As of December 31, 2022 |
Job cuts, severance and restructuring
Our summaryLoring Ward severance cash compensation was paid in the three months ended December 31, 2018, recorded as a one-time expense in compensation and related expenses.
Word for word“In 2018, primarily relates to one-time expenses related to (a) Loring Ward severance cash compensation of $507 during the three months ended December 31, 2018, which was recorded in compensation and related expenses, and IPO and Reorganization Transaction cash compensation expenses of $5,926 during the three months ended September 30, 2018, which were recorded in compensation and related expenses, (b) transaction expenses of $1,762, which were recorded in selling, general and administrative expenses, associated with the 49 Table of Contents acquisition of Loring Ward, of which $1,114 were incurred during the three months ended December 31, 2018 and $648 were incurred during the three months ended September 30, 2018 and (c) other expenses, net of $2,373 during the three months ended December 31, 2018, which were recorded in other (expense) income-net, primarily related to the loss on sale of a tax customer list and related receivables.” 10-K for 2020
Our summaryLoring Ward severance cash compensation was recorded as a one-time expense in compensation and related expenses during the first quarter of 2019.
Word for word“In 2019, relates to one time expenses related to (a) Loring Ward severance cash compensation of $280 during the three months ended March 31, 2019, which were recorded in compensation and related expenses and (b) transaction expenses of $786 and $420, associated with the acquisition of Loring Ward, which were recorded in selling, general and administrative expenses during the three months ended March 31, 2019 and June 30, 2019, respectively.” 10-K for 2020
Focus Financial Partners has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Focus Financial Partners’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-16. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.