Deloitte has confirmed the layoff of 180 employees across its UK advisory divisions, citing necessary restructuring to adapt to challenging market conditions. The job cuts, announced to affected staff on November 19, represent less than 1% of the firm’s UK workforce.

This move comes as Deloitte faces subdued market prospects for the coming year. Consulting industry research group Source Global projects global financial services consulting market growth of just 5% in 2024, doubling last year’s rate.

However, the UK market is expected to contract by 2%, reflecting broader economic challenges. Deloitte’s consulting division saw a slight 1% revenue drop for the financial year, while its financial advisory services experienced a 2% decline.

The layoffs affect staff in the strategy, risk, and transactions division, as well as the technology and transformation division, which has been particularly impacted by the slowdown in demand for technology transformation projects following the pandemic surge. Additionally, reduced merger and acquisition activity has dampened demand for financial advisory services in the financial sector.

Deloitte downsised its business sectors from five to four this year, as part of a larger global reorganization: audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal services.

This latest round of employment layoffs comes after a series of personnel reductions, including 800 jobs lost in September 2023 and 100 in February 2024. Earlier this autumn, the firm fired over approximately 250 advising workers who were judged underperforming.