Deloitte sheds 250 jobs at UK operations

Posted by Admin October 24, 2024 Jobs

Deloitte is undergoing a significant overhaul. Credit: Alena Veasey/Shutterstock.

Professional services company Deloitte has cut 250 jobs within its UK operations, as part of its “performance management” initiative, reported Mirror.co.uk.

The retrenched employees constitute about 1% of Deloitte’s UK headcount, with the move affecting individuals who are “considered underperforming”, according to an internal source.

This source also noted that the impacted employees have “received appropriate payments for notice”.

Deloitte’s UK branch has experienced a revenue growth slowdown, reporting a 2.4% rise for the year to May 2024—a stark contrast to the 14% growth in the prior year.

The consulting division, in particular, recorded a 1% drop in sales to £1.58bn ($2.1bn), as companies scaled back on external consultancy services.

Despite the restructuring, Deloitte’s UK partners earned an average of £1.01m over the 12-month period, although this was a 5% decrease from the year before.

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Deloitte is undergoing a significant overhaul, consolidating its services into four key business areas—audit, strategy, technology, and tax—down from five divisions previously.

Deloitte UK senior partner and CEO Richard Houston said: “This is a strong set of results in a challenging market, against a difficult economic and geopolitical backdrop. Like many businesses, we had to carefully consider our cost base and make some difficult choices this year.”

Earlier in 2024, Deloitte promoted 81 people to partner in the UK. These partners include 27 women, raising the company’s women partner count to 412. Notably, 19 of these partners come from ethnic minority backgrounds.