Deloitte's Chief Executive Officer, Richard Houston, stated during the announcement of the layoffs, "Today, we have disclosed a focused restructuring effort within our various business units, which may result in certain positions facing the possibility of redundancy."
Deloitte is preparing to reduce its workforce in the UK by over 800 positions, citing decreased demand and a slowdown in employee attrition as reasons for the move.
This amounts to approximately 3% of its total UK workforce, which currently stands at 27,000 employees.
Bloomberg reported that these job reductions are a response to a deceleration in growth during the latter part of the year, driven by a decline in client demand.
Accountants at the prominent Big Four firms, which encompass Ernst & Young LLP, PricewaterhouseCoopers LLP, and KPMG LLP alongside Deloitte, are holding onto their positions amidst economic uncertainty and a significant decrease in available job openings.
“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 CEO further noted that these cuts are subject to a consultation process.
These plans come in the wake of a similar move by rival firm EY, which announced last month that it intends to reduce its workforce by approximately 5% within its UK financial services consulting division. Additionally, PwC has declared its decision to scale back pay increases and bonuses for certain among its 25,000 UK employees.