Deloitte cuts 250 underperforming staff in UK
Big Four firm Deloitte has cut 250 members of staff in the UK, as the firm embarks on yet another round of redundancies as profit stalls.
According to the Financial Times, around 250 employees in the UK (approximately one per cent) who were deemed to be underperforming have been axed from the firm.
Those affected were staff across its advisory divisions. However, the FT reported that the firm did not disclose this move across the business.
This move follows last year’s revelation that Deloitte was set to make around 800 redundancies in the UK as demand for its services slows amid a challenging market environment.
In September 2023, Richard Houston, Deloitte UK senior partner and chief executive, said the cuts followed: “A slowdown in growth, which, combined with the ongoing economic uncertainty, means we have to consider the shape of our business”.
At the end of September firm announced that its revenue for the year ended 31 May 2024 increased by 2.4 per cent to £5.7bn, but distributable operating profit was “in line with last year” at £756m.
In addition, the average profit per equity partner (PEP) at Deloitte UK dropped by 5.2 per cent to £1.01m, from £1.06m in the previous year.
Speaking on the results at the time, Houston said: “Like many businesses, we had to carefully consider our cost base and make some difficult choices this year.”
Deloitte declined to comment on the story