Deloitte UK Set To Cut More Than 800 Jobs As Demand Slows

Deloitte is set to cut more than 800 jobs in the UK 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.

Irina Anghel

13 Sep 2023, 11:30 PM IST

LONDON, ENGLAND - OCTOBER 02: The Deloitte offices stand in 2 New Square on October 2, 2018 in London, England. The government has called for a review of the British auditing industry after a series of scandals including the collapses of Carillion and BHS revealed serious failures in the auditing process. The 'Big Four' accounting firms, which are Deloitte, PwC, Ernst & Young (EY) and KPMG audit the large majority of the UK's largest listed companies. (Photo by Jack Taylor/Getty Images)

(Bloomberg) -- Deloitte is set to cut more than 800 jobs in the UK 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 UK 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 Chief Executive Officer 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.

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