Deloitte Layoffs: UK-Based Audit Firm Announces Job Cuts, Lays Off 180 Employees in Advisory Divisions Amid Industry Struggles
UK-based audit and consulting firm Deloitte has announced another round of layoffs this year affecting more employees. The latest round of Deloitte layoffs has affected 180 employees from the UK Advisory divisions.
London, November 20: Another round of Deloitte layoffs have been announced by the UK-based audit and consulting firm amid the ongoing struggles in the British consulting industry. The latest round of Deloitte layoffs has affected 180 employees from the UK Advisory divisions. The reports said that the job cuts are aimed at affecting the people working from the divisions, including strategy, transaction and risk. Furthermore, the layoffs will also impact the firm's technology and transformation divisions.
Reports said that the latest workforce reduction plan of the UK's consulting firm was due to the growing weakness in the industry. By implementing the job cuts, the company would reportedly restructure its business. Deloitte informed its staff who were impacted by the layoff decisions. Salesforce Layoffs: US-Based Software Company Plans to Lay Off People From Its Recently Acquired ‘Own’ Company, Says Some Roles Will Not Be Required.
The reports suggested that the company decided to reduce its headcount because of the "challenging market conditions" in the United Kingdom for the consulting industry. Deloitte itself had been struggling with its poor performance this year, with a 1% drop in revenues during the financial year. The company's losses added up to 1% of the company's workforce in the United Kingdom.
Deloitte also witnessed a 2% drop in its financial advisory service. After the pandemic, the technology transformation age started boosting various businesses while the consulting industry suffered and slowed down. The reports highlighted that the reduced mergers and acquisitions activity adversely affected the demand for financial advisory services. HSBC Layoffs Coming? Hundreds of Managers Asked To Reapply in New Corporate and Institutional Banking Division Amid Restructuring by New CEO Georges Elhedery.
Previously, Deloitte layoffs affected around 900 people, 100 of whom were laid off in February 2024 and 800 removed from the firm in September 2023. The layoffs this year have affected several employees from various industries, including some big names like Apple, Meta, X, and more. In terms of the audit industry, PwC or PricewaterhouseCoopers shut down the Chinese operations this year amid facing challenges to secure clients.
(The above story first appeared on LatestLY on Nov 20, 2024 01:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).