Deloitte has placed an additional 100 positions in the UK at risk of being cut.
This comes to cut costs as the firm battles a slump in dealmaking amid high-interest rates.
According to the Big Four firm, the proposed job cuts will impact around five per cent of Deloitte’s financial advisory business and will be implemented across the firm’s staff ranks.
What the statement said
A Deloitte spokesman said:
- “We are considering restructuring parts of our advisory corporate finance business.
- “This is to concentrate on larger, sector-focused M&A activity. As a consequence, we are proposing to close some parts of that business.
- “This will undoubtedly be an unsettling time for those affected and we will be doing everything we can to support them.”
- “In the upcoming weeks, it is anticipated that workers will be contacted about the layoffs. Deloitte has stated that it will work to locate new positions for those impacted.
According to the spokesman, these layoffs occur as clients abandon projects and demand lower prices, forcing professional services organizations to substantially reduce costs and hold back on recruiting after the epidemic.
In a similar vein, Deloitte’s competitors PwC, EY, and KPMG have also eliminated hundreds of jobs from their UK headquarters due to overstaffing.
Background
- In September 2023, the firm announced plans to cut 800 positions across its UK consulting, financial advisory, and risk advisory departments.
- In April 2023, its United States office laid off roughly 1,200 people in its consulting arm which resulted in a 3% decrease in overall staff at Deloitte’s Risk and Financial Advisory division.
- The slump in merger and acquisition and the post-pandemic hiring spree are said to be the cause of the layoffs, which may also impact negatively its Nigeria operations.
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