According to internal staff communications, Deloitte will reduce 1,200 U.S. employees or 1.5%.
The newspaper reported that the auditing firm’s financial advice sector, which has suffered from a merger and acquisition slowdown, will see more layoffs.
Deloitte’s rival Ernst & Young cut 5% of its U.S. personnel this week after the unit’s opposition derailed the global accounting giant’s plan to split its audit and consulting operations.
Our U.S. businesses have significant client demand. “As select practices moderate, we are taking modest personnel actions where necessary,” Deloitte told Reuters in an email.
In recent months, Wall Street banks, asset managers, and fintech have cut positions amid a volatile macroeconomic climate pushing consumers and soured demand in numerous staple business segments.
The Big Four accounting firms are Deloitte, EY, KPMG, and PricewaterhouseCoopers.
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