If you thought the economy was making a slow and painful U-turn back to better days sorry to say but you were wrong. The good news is this next round of cuts at Deloitte UK will be much smaller than the last round of 800.
Deloitte is set to axe 100 more jobs in the UK as a prolonged slowdown in deals activity hits demand for some of its services.
The Big Four firm is planning to restructure its corporate finance advisory business, according to a person familiar with the matter, putting about 100 employees from all grades — including some partners and graduate staff — at risk of redundancy. The cuts would be equivalent to 5 per cent of the firm’s financial advisory division.
That word — “restructure” — made an appearance during the last round of layoffs at Deloitte, too. Said Deloitte UK CEO Richard Houston in a statement last September, “Today we announced some targeted restructuring across our businesses, which may — subject to consultation — put some roles at risk of redundancy. This follows a slowdown in growth, which, combined with the ongoing economic uncertainty, means we have to consider the shape of our business.”
Several weeks Deloitte nabbed headlines from all the business rags about a plan to use AI to avoid mass layoffs. “Deloitte LLP is using AI to evaluate existing staffers’ skills and map out plans that would shift employees away from quieter parts of the business and into roles that are more in demand,” said Bloomberg. “It’s part of a broader bet by the professional services firm that the technology will allow it to moderate hiring growth over time.”
Deloitte to axe 100 more UK jobs amid deals slowdown [Financial Times]