Deloitte UK Reports Negative Revenue for the First Time in 15 Years, Holds Back Promotions and Hiring

Posted on by Going Concern News Desk
Deloitte office exterior sign

Like every other firm of equivalent size in the year of our lord 2025, Deloitte UK is tightening their belts. And like every other firm of equivalent size doing the same, they’re pinning it on “economic headwinds.”

Reports Telegraph:

Deloitte has slashed hiring and cut back on promotions for its most senior staff as it warned an economic slowdown was harming UK investment.

On Tuesday, the accountancy giant revealed it has reduced the number of new recruits joining the firm and promoted fewer managers to partner level amid “continued economic headwinds”.

To be fair, the King’s Deloitte did, in fact, get slapped around by economic headwinds. For the first time in 15 years, the firm has reported negative revenue growth. Revenue for the year ended 31 May 2025 fell 1% at £5.68 billion (approx. $7.7 billion USD) vs. FY24’s £5.75 billion. Don’t feel bad for the partners though, distributable profit was up 4% from last year at £789 million and average profit per equity partner increased 4% to £1.051 million ($1.4 million USD).

Revenue and growth (or lack thereof) by service line shows us exactly where things went wrong:

  • Tax & Legal: +7%
  • Audit & Assurance: +3%
  • Strategy, Risk & Transactions Advisory: +3%
  • Technology & Transformation: -10%

“This is a robust set of results in a complex market,” said Richard Houston, Deloitte UK Senior Partner and CEO. “Geopolitics and continued economic headwinds meant that many organisations have been carefully managing their costs and delaying certain investments. In light of this, we have had to review and make changes to the shape of our firm, but we’ve remained resilient with notable client successes across our businesses.”

PwC UK reported similarly not-great results, having eked out just .3% growth. Yeah, global numbers aren’t going to be great this year.

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Deloitte Partners Get Some Pointers on What to Say Re: Bonuses, Compensation

As was mentioned on Tuesday, rumors around Deloitte’s compensation are starting to surface. This likely means partners are fielding questions from anxious employees about raise, bonuses and if they’re considering any part PwC’s new compensation structure. Of course, not everyone is comfortable discussing personal financial matters with Gen Y types, so TPTB have floated some talking points to the partners so they might reduce the number of awkward moments.

Question: What can we say to our people about this year’s compensation?

As we are in the process of closing our books for FY11 and completing our financial plan for FY12 over the next several weeks, we have not finalized the overall Deloitte or AERS compensation – both for [bonuses] and FY12 base compensation. Deloitte and all of the major audit, advisory, and consulting firms participate in Mercer and similar compensation surveys and use this information as a key benchmark for determining competitive compensation. We also continue to differentiate performance (and move AERS Advisory to a more incentive based pay mix). We do our best to be above the survey midpoint of the aggregate of our competitors’ with regard to compensation and make adjustments as necessary (as evidenced last year).

We will continue to implement our Rewards and Recognition program which is significant. We are confident that we will be rewarding our professionals in a way that recognizes their contribution and efforts over the past challenging year and the increasing performance expectations we all face looking forward. We also stay very abreast of what our competitors’ actions and claims are and, if appropriate, make adjustments based on factual information.

When speaking with your teams, please consider the following key points:

• We continue to monitor the marketplace and pay at or above market. The compensation scenarios we’re modeling will ensure that we maintain, and likely improve, our position relative to our competitors on a total cash basis this year.

• We are confident our [bonuses] will be at or above last year’s levels, which were the highest in the history of our organization.

• Our merit pool will provide for market based compensation for all of our professionals and appropriate pay differentiation on the basis of individual performance. Our people continue to tell us this is important to them, we owe it to them, and we will deliver on this commitment this year.

• We know that our people have worked extremely hard this year and we will do whatever it takes to ensure that they are rewarded accordingly. We have a number of options on the table but frankly we don’t have the year-end numbers in yet so it’s still too early to make those decisions.

Jim Quigley, Still ‘a Proud Aggie,’ Fails to Go Out on a High Note

Jim_quigley.jpgThat’s right, he’s proud. Never mind that the football team just finished their season 4 – 8. Sports aren’t everything.
The Big Q, swindler of unsuspecting journalists, took time away from calling CEOs on private jets to give a speech at Utah State (his alma mater) to faculty and students on ethics.
We won’t give you all the gory details since CNN probably is working on that piece right now. We’d hate to steal their thunder.


We will mention that Quigs is swelling with pride that USU’s Jon M. Huntsman School of Business Scholars agree to “principles” which he quoted in the speech:

“I agree to conduct myself according to the highest ethical standards. I will accept personal responsibility for my conduct and any consequences for mistakes, accidental or intentional. I will be honest, truthful and fair in alof my actions and interactions with others. I will also demonstrate civil, respectful and courteous concern for and behavior toward others at all times both in and outside of the classroom.”

It seems like a fine group of sentences but I implore you: is it an oath/promise laminated on tiny cards? Hardly, dude.
Ethics and integrity aside, Quigs’ remarks seem like the standard boilerplate metaphors and clichés. Hell, he even quotes the Oracle in his conclusion, “Warren Buffett said: ‘It takes 20 years to build a reputation and five minutes to ruin it.’ And, once lost, it can take years to rebuild.”
It works well enough but we would have rather heard Quigs wrap it up with “I’ve never gone to bed with an ugly woman but I’ve sure woke up with a few.” It would’ve brought the house down. High note, Quigs. Always look to go out on that high note.
Jim_Quigley_Utah_State_remarks.pdf

2 thoughts on “Deloitte UK Reports Negative Revenue for the First Time in 15 Years, Holds Back Promotions and Hiring”

  1. Events and conditions that may arise subsequent to the year end to have effects
    or possible effects to F/S’s, requiring ones to
    review and assess the effectiveness
    of measures, controls and business plans in advance – resilence capacities against you
    know what?

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