Deloitte to cut 1,200 jobs in the US

Big Four firm the latest to respond to a slowdown in the advisory business

• Layoffs represent a 1.5% reduction in the firm’s US workforce

• Cuts will be concentrated in areas including the Risk Financial Advisory division, which will see a 3% reduction

• “Our US businesses continue to experience strong client demand. As growth in select practices moderates, we are taking modest personnel actions where necessary,” a Deloitte spokesperson told the FT

• NOTE: EY to Cut 3,000 US Jobs After Shelving Bid to Break Up Firm ...

Deloitte has informed employees it will cut around 1,200 US jobs, the Financial Times reports, citing unidentified employees discussing the matter in online forums and a company spokesperson.

Earlier this week, Deloitte's rival Ernst & Young said it was shedding 5% of the workforce at its U.S. arm, less than a week after the unit's objection torpedoed the global accounting giant's plan to break up its audit and consulting units.

Deloitte has told staff it will cut around 1,200 jobs in the US, becoming the latest of the Big Four accounting firms to react to a slowdown on the consulting side of its business.

Deloitte will cut around 1,200 jobs or 1.5% of its U.S. workforce, the Financial Times reported on Friday, citing internal employee communications.

McKinsey, the strategy consulting firm, and Accenture, which specialises in IT advice, were also cutting jobs. Deloitte’s US headcount swelled from 65,000 in 2021 to 80,000 last year, according to its annual transparency report.

Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers, and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units.

Deloitte will cut 1,200 of its more than 156,000 jobs in its U.S. workforce, the Financial Times reported, citing internal employee communications (Deloitte did not immediately respond to a Forbes inquiry for confirmation).

Deloitte did not immediately respond to a Reuters request for comment.

Deloitte is part of the Big Four accounting firms that include EY, KPMG, and PricewaterhouseCoopers.