Deloitte’s UK workforce of 27,000 people may be reduced by over 800 people. According to reports, the British professional services firm intends to reduce its team in the UK by 3%.
According to Bloomberg, the multinational is experiencing a drop in demand, and few employees are willing to leave or move on to other firms in the face of economic uncertainty. There appears to be a decrease in open positions. As a result, the company, one of the Big Four, has decided to restructure and eliminate redundant roles. The company has assured those affected by the process of its support and respect.
It hasn’t been long since Deloitte Global reported $64.9 billion in revenue for the previous fiscal year. This is most likely a new high for any accounting firm. According to media reports, Deloitte UK’s distributable profit increased by more than 20% in May 2022, reaching $888 million.
Each partner made an average profit of £1.05 million.
It is worth noting that Deloitte is not the only one of the Big Four that is reducing its workforce. Ernst & Young laid off about 5% of its UK finance team, while PricewaterhouseCoopers (PwC) decided to impose pay cuts and cancel bonuses for its UK team.