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FTI Consulting

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FTI Consulting, Inc.
Company typePublic company
IndustryProfessional services
Founded1982; 42 years ago (1982) (as Forensic Technologies International)
Founders
  • Joe Reynolds
  • Dan Luczak
HeadquartersWashington, D.C., U.S.
Area served
Worldwide
Key people
Steve Gunby (President and CEO)
ServicesCorporate finance & restructuring, economic consulting, forensic and litigation consulting, technology, strategic communications
RevenueIncrease US$3.03 billion (2022)
Number of employees
7,600+[1]
Websitefticonsulting.com

FTI Consulting (earlier Forensics Technologies International) is a business consultancy firm founded in 1982 and headquartered in Washington, D.C., United States. The company specializes in corporate finance and restructuring, economic consulting, forensic and litigation consulting, strategic communications and technology.[2] FTI Consulting employs more than 7,700 staff in 31 countries and is one of the largest financial consulting firms worldwide.[1][3][4]

The firm was involved in the Lehman Brothers[5] and General Motors bankruptcies,[6] the investigation into the Bernard Madoff fraud,[7] Bush v. Gore,[8] the Major League Baseball steroid investigation,[9] and public relations works for fossil fuel industry clients.[10][11][12][13][14][15][16] As of January 2020, FTI Consulting had the largest restructuring business in the US.[17]

History and Acquisitions

Forensic Technologies International was founded in 1982 by two engineers, Joseph Reynolds and Daniel Luczak, to provide expert witnesses for litigation and provide visual presentations to demonstrate complex technical issues for juries. Luczak later served as FTI's chairman from 1992 to 1998. The company went public in May 1996, raising $11.1 million and debuting at $8.50 a share. It was one of the first litigation support companies to be publicly traded.[18][8]

Forensic Technologies International rebranded itself as FTI Consulting in 1998, and in 1999 began trading on the New York Stock Exchange as FCN.[19][20] After 1998, FTI's business focused increasingly on "financial surgery on troubled companies, either through bankruptcy proceedings or in workout situations with creditors."[8]

The company added over 1,000 employees to its Forensic and Litigation Consulting ("FLC") division since the passing of the 2002 Sarbanes-Oxley Act, which excluded auditors from providing consulting work to their public clients. FTI Consulting purchased PricewaterhouseCoopers' U.S. Business Recovery Services Division ("BRS") for $250 million in 2002, which at the time was the largest provider of bankruptcy, turnaround and business restructuring services in the United States.[21][22] The company purchased KPMG's Dispute Advisory Services in 2003.[23] The company purchased Chicago-based Compass Lexecon in 2003, maintaining the name as a subsidiary.[24]

FTI acquired Ringtail Solutions Group in 2005.[25] Ringtail's signature product, the Ringtail Discovery Software Suite, provides e-discovery and document management tools to assist corporations and law firms during litigation engagements. FTI acquired Attenex Corporation in 2008[26] and merged Attenex Patterns with Ringtail Discovery Software Suite to form Ringtail 8 E-discovery Software.[27]

In 2006 the company acquired the London-based communications consultancy Financial Dynamics ("FD").[28] FD is now referred to as the Strategic Communications Division of FTI. In 2007, FTI expanded into Latin America and reported US$1 billion in annual revenue for the first time.[20][29]

In 2008, FTI purchased the Schonbraun McCann Group, a real estate consulting firm based in New York, and Forensic Accounting, a forensic accounting practice based in the UK.[30]

In 2009, FTI Consulting was listed by Fortune as one of the 100 fastest growing U.S. companies.[31]

In 2010, FS Asia Advisory Limited was acquired in Hong Kong, expanding FTI's activities in Asia.[32] In January 2014, FTI Consulting acquired London-based TLG Partners, which produced a series of annual thought leader indexes.[33][34][35] In the same month, Steven H. Gunby was named the firm's new president and chief executive officer.[36]

In 2015, The Deal named FTI Consulting the world's top restructuring adviser to distressed companies.[37]

In 2017, the Company acquired the CDG Group, a leading restructuring advisory, turnaround management, value enhancement and transaction advisory firm in New York.[38]

Criticism and controversies

In 2023, the company was hired by Johnny & Associates to manage a press conference addressing sexual abuse by its late founder Johnny Kitagawa. The Japanese public broadcaster NHK reported that the consulting firm had a 'blacklist' of journalists to avoid calling on during the event.[39][40] FTI admitted the existence of the 'blacklist' as well as a list of reporters who should preferably be given a chance to ask a question.[41][42] The firm also admitted the lists were given to the conference modulator.[42] Their concern about some reporters who would spend long periods of time talking about their own opinions, or ask thoughtless questions (or remarks) that could be unnecessarily stressful and painful to the victims watching the press conference was given as a reason to prepare the list.[42] FTI told the press that their policy on conducting the press conference was confirmed with the talent agency.[42] On whether it is a good system to prepare such lists, Akihiro Nojiri, Senior Managing Director of Strategic Communications at FTI Consulting Japan Office, said "Well, I don't think I am in a position to judge whether it is good or not."[43]

See also

References

  1. ^ a b "Office Locations - FTI Consulting Offices". fticonsulting.com.
  2. ^ "About | FTI Consulting". www.fticonsulting.com. Retrieved 2023-03-29.
  3. ^ "The Top 50 Consulting Firms In 2019 By Revenue, Prestige, Growth & Employee Satisfaction". consulting.com. Retrieved 2019-05-15.
  4. ^ "America's Best Management Consulting Firms". Forbes. Retrieved 2019-05-15.
  5. ^ "Lehman Creditors Panel Hires FTI Consulting, Houlihan Lokey" Bloomberg News 18 September 2008.
  6. ^ FTI Consulting chairman: West Palm Beach is good for business South Florida Business Journal 27 Jan. 2012.
  7. ^ "Lawyers make millions off Madoff mess" CNNMoney 16 Feb. 2011
  8. ^ a b c "It's a Grand Time to Be a Workout Artist". Washington Post. Retrieved 2016-05-21.
  9. ^ Inc, Kiplinger Washington Editors (2008-06-01). Kiplinger's Personal Finance. Kiplinger Washington Editors, Inc. {{cite book}}: |last= has generic name (help)
  10. ^ Paul D. Thacker (2019-12-18). "Fossil Fuel Giants Claim To Support Climate Science, Yet Still Fund Denial". HuffPost. Retrieved 2023-10-09.
  11. ^ Hiroko Tabuchi (2020-11-11). "How One Firm Drove Influence Campaigns Nationwide for Big Oil". New York Times. Retrieved 2023-10-09.
  12. ^ Billy Nauman (2020-11-16). "FTI Consulting faces client backlash over oil industry work". Financial Times. Retrieved 2023-10-09.
  13. ^ Billy Nauman; Attracta Mooney; Chris Flood (2020-11-22). "FTI axed by clients in fallout over oil industry work". Financial Times. Retrieved 2023-10-09.
  14. ^ "Chair Grijalva, Rep. Porter Send Second Request Letter to Fossil Fuel Public Relations Firm FTI Consulting, Threaten Subpoena". U.S. House Committee on Natural Resources. 2022-08-17. Retrieved 2023-10-08.
  15. ^ Nick Cunninghamon (2022-08-26). "House Committee Poised for Potential Subpoena of PR Firm for Climate Disinformation". DeSmog. Retrieved 2023-10-09.
  16. ^ Nick Cunninghamon (2022-11-30). "The PR Industry Has Been a 'Major' But 'Overlooked' Influence in Climate Politics for Decades, Says Study". DeSmog. Retrieved 2023-10-09.
  17. ^ "The Deal: Power Rankings".
  18. ^ "A CASE FOR COURTROOM PRESENTATIONS". Washington Post. Retrieved 2016-05-20.
  19. ^ "FTI Consulting, Inc. - Company Profile, Information, Business Description, History, Background Information on FTI Consulting, Inc". referenceforbusiness.com. Retrieved 2016-05-21.
  20. ^ a b "Company History | Business Growth | FTI Consulting EMEA". fticonsulting-emea.com. Retrieved 2016-05-21.
  21. ^ "FTI Consulting raises profile". Washington Post. Retrieved 2016-05-21.
  22. ^ FTI Consulting To Acquire U.S. Business Recovery Services Division ("BRS) Of PricewaterhouseCoopers [1]
  23. ^ FTI Consulting Completes Acquisition of KPMG's Dispute Advisory Services [2]
  24. ^ "Lexecon To Be Acquired by FTI Consulting". Compass Lexecon. September 25, 2003. Archived from the original on September 23, 2015. Retrieved May 5, 2015.
  25. ^ Inc., FTI Consulting. "FTI Consulting to Acquire Ringtail Solutions". prnewswire.com. {{cite web}}: |last= has generic name (help)
  26. ^ Inc., FTI Consulting. "FTI Consulting, Inc. to Acquire Attenex Corporation". prnewswire.com. {{cite web}}: |last= has generic name (help)
  27. ^ "FTI to Launch Ringtail 8 E-discovery Software". FTI Technology. Retrieved 2016-05-23.
  28. ^ "FTI Consulting to Acquire Financial Dynamics". PR Newswire. September 11, 2006.
  29. ^ Plunkett, Jack W. (2008-03-01). Plunkett's Companion to the Almanac of American Employers 2008: Mid-Size Firms. Plunkett Research, Ltd. ISBN 9781593921071.
  30. ^ "FTI Consulting Inc. (FCN): New Analyst Report from Zacks Equity Research - Zacks Equity Research Report". NASDAQ.com. 2013-12-02. Retrieved 2016-05-20.
  31. ^ "100 Fastest-Growing Companies 2009 FTI Consulting - FCN - from FORTUNE." CNNMoney June 2012.
  32. ^ "FTI Consulting (FCN) Completes Acquisition of FS Asia Advisory Limited". StreetInsider.com. Retrieved 2016-05-20.
  33. ^ Farey, Daniel (2013-11-08). "FTI Consulting in advanced talks with TLG Partners". PR Week. Retrieved 2014-01-24.
  34. ^ Farey, Daniel (2014-01-15). "FTI Consulting finalises acquisition of TLG". PR Week. Retrieved 2014-01-24.
  35. ^ "TLG". Tlgpartners.com. Retrieved 2014-01-24.
  36. ^ Ember, Sydney (31 July 2014). "FTI Consulting Names New C.F.O." DealBook. Retrieved 2016-05-21.
  37. ^ Inc., TheStreet. "The Deal Announces Q4 2015 Out-of-Court Restructuring League Tables". prnewswire.com (Press release). Retrieved 2016-05-23. {{cite press release}}: |last= has generic name (help)
  38. ^ "Our History | About | FTI Consulting". www.fticonsulting.com. Retrieved 2023-03-15.
  39. ^ Benoza, Kathleen; Kaneko, Karin (2023-10-04). "Johnny's news conference had journalist 'blacklist,' reports say". The Japan Times. Retrieved 2023-10-04.
  40. ^ "Johnny & Associates denies involvement in blacklisting journalists". NHK. 2023-10-04. Retrieved 2023-10-04.
  41. ^ "Consulting firm apologizes for Johnny's news conference journalist blacklist". NHK. 2023-10-05. Retrieved 2023-10-05.
  42. ^ a b c d "ジャニーズ会見ＮＧリスト、コンサル会社「配慮に基づく進行は事務所側も了承」…「指名候補記者リスト」も作成". The Yomiuri Shimbun (in Japanese). 2023-10-05. Retrieved 2023-10-05.
  43. ^ "「この"NG"という言葉がね、非常に…」"ジャニーズ茶番会見"NGリスト作成の責任者を独占直撃！「発案したのは誰か…それは」《チームリーダーは元大蔵エリート官僚》". Bunshun Online (in Japanese). 2023-10-06. Retrieved 2023-10-07. Nojiri said "まあ、いいかどうかというのは私自身は判断する立場じゃないと思ってますので。" in Japanese.
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