Deloitte has quietly cut around 250 UK employees, or 1% of its workforce, as part of its performance management process, according to the Financial Times citing sources.
This marks the third round of layoffs in the past 13 months for the Big Four firm. The job cuts primarily affected staff in Deloitte’s advisory divisions and were not publicly announced.
The move follows a slowdown in demand for consulting services, with revenues in Deloitte’s consulting and financial advisory divisions both declining over the past financial year.
Despite this, the firm’s 749 UK equity partners earned over £1 million each on average for the fourth consecutive year, said the FT.
Deloitte has also restructured its UK operations, reducing its main business units from five to four.