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Deloitte becomes the second among the Big Four financial consulting giants to announce job cuts

Deloitte, one of the four largest financial consulting firms, has announced job cuts, becoming the second among the group to do so. The London-based company, which reported annual revenue of $59.3 billion in 2022, has reportedly informed its staff in the United States that it plans to cut around 1,200 jobs.

This comes four days after another Big Four consulting giant, Ernst & Young, announced similar cuts, laying off about 3,000 employees in the US, citing ‘overcapacity’.

According to the Financial Times, Deloitte’s job cuts will involve a 3% reduction of its total workforce at its Risk and Financial Advisory division. In terms of the company’s total workforce in the US, the 3,000 job cuts at Deloitte represent a less significant percentage than those made by Ernst & Young earlier in the week, which affected around 5% of its total workforce. Similarly, in February, KPMG’s job cuts affected approximately 2% of its total US workforce.

The Big Four financial advisory firms, including Deloitte, have been hiring extensively as the impact of the Covid-19 pandemic has diminished. For example, Deloitte’s US headcount increased from 65,000 in 2021 to 80,000 by the end of last year.

However, job cuts have become increasingly common in recent weeks, not just among the Big Four. In addition to Whole Foods, Meta and Opendoor, San Francisco-based ride-hailing company Lyft Inc. also announced layoffs on April 21.

Although the company did not specify how many people would be affected, sources told the Wall Street Journal that as many as 1,200 people would lose their jobs.


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