Deloitte is the latest Big Four firm in the U.S. to cut jobs as a result of work drying up in some areas of advisory and consulting services.
Deloitte will be laying off 3% of its employees in risk and financial advisory, RFA employees were told during an all-hands meeting on April 20, according to published reports. Overall, the firm will be letting go of roughly 1,200 employees, or 1.5% of its 80,000-person workforce, between now and June.
“Our U.S. businesses continue to experience strong client demand,” Jonathan Gandal, a Deloitte managing director, told Bloomberg in a statement. “As growth in select practices moderates, we are taking modest personnel actions where necessary.”
The Financial Times reported that the RFA practice at Deloitte has been impacted by a slump in merger and acquisition activity.
Last week EY announced it was laying off 3,000 U.S. employees, or about 5% of its 54,000-person workforce, with the job cuts primarily occurring within its consulting, strategy and transactions, people advisory services, and core business services areas. And in mid-February, KPMG said it was laying off 5% of its advisory practice—roughly 700 people—which is approximately 2% of the firm’s total U.S. workforce. KPMG employs about 40,000 professionals in the U.S.
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Tags: Accounting, Advisory, CAS, Firm Management
