FTI Consulting Lays Off 4% Of Its Workforce To Cut Costs

FTI Consulting Inc. disclosed Friday that it had laid off 4% of its workforce during the second quarter. With about 4,700 employees, that suggests a little under 200 employees may have been terminated. The business advisory company said the layoffs, and the vacating of certain leased space, follow an evaluation to better align costs and business investments with external market demand. FTI expects the cost of its streamlining measures to be about $18 million, which it will record in the second quarter of 2017. The stock, which was still inactive in premarket trade, has tumbled 25% year to date, while the S&P 500 has gained 7.6%.