Deloitte, one of the Big Four accounting firms, has conducted another round of job cuts in the º£½ÇÊÓƵ due to stalling profits, resulting in 250 staff members being laid off.
The Financial Times has reported that the individuals let go were considered underperforming and worked within the firm's advisory divisions; however, Deloitte did not make a broad announcement regarding the redundancies, as reported by .
The recent layoffs are part of a larger scale reduction at Deloitte, coming on the heels of revelations last month that approximately 800 employees would be made redundant as the company experiences reduced demand for its services amidst a tough economic climate.
In a statement made in September 2023, Deloitte º£½ÇÊÓƵ senior partner and chief executive, Richard Houston, explained the rationale for the workforce reductions: "A slowdown in growth, which, combined with the ongoing economic uncertainty, means we have to consider the shape of our business".
For the fiscal year ending on 31 May 2024, Deloitte posted a revenue increase of 2.4 per cent, reaching £5.7bn, with distributable operating profit remaining steady at £756m compared to the previous year.
Despite the slight rise in revenue, the average profit per equity partner (PEP) at Deloitte º£½ÇÊÓƵ witnessed a decline of 5.2 per cent, reducing from £1.06m the previous year to £1.01m.
Addressing the financial outcomes, Houston commented: "Like many businesses, we had to carefully consider our cost base and make some difficult choices this year."
Deloitte has been approached for an official comment on the matter.
