By Irina Anghel, Bloomberg News (TNS)
Deloitte is set to cut more than 800 jobs in the U.K. in response to a slowdown in demand and an easing in the pace of workers choosing to leave, according to a source familiar with the matter.
That’s equivalent to about 3% of its U.K. workforce of 27,000, the person said.
The cuts come after growth slowed in the second half of the year because of falling client demand. Accountants at the Big Four firms—which also include Ernst & Young LLP, PricewaterhouseCoopers LLP and KPMG LLP—are clinging to their jobs amid economic uncertainty and a sharp drop in open roles.
“Today we announced some targeted restructuring across our businesses, which may put some roles at risk of redundancy,” Deloitte U.K. CEO Richard Houston said in a statement, responding to queries.
The cuts are subject to consultation, the CEO added.
The plans follows rival EY’s announcement last month that it will cull about 5% of staff from its UK financial services consulting division. PwC also said it’s cutting pay increases and bonuses for some of its 25,000 UK employees.
The news was first reported by Financial News.
______
©2023 Bloomberg News. Visit at bloomberg.com. Distributed by Tribune Content Agency LLC.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Accounting, Firm Management, Payroll
