In a move that echoes recent developments at KPMG, Deloitte UK is set to eliminate approximately 150 junior consulting positions across two of its consulting teams. This decision comes despite the fact that the firm’s partners earned an average of over £1 million annually in the previous year.
These job cuts are part of a larger round of 800 job reductions that the Big Four firm announced in September. The decision to cut jobs is reportedly a response to the declining demand in the market.
According to a report by the Financial Times, junior analysts in the firm’s consultancy and advisory divisions, especially those in their first and second years, will be the most affected by these layoffs. Deloitte’s senior partners have indicated that they are focusing their redundancy proposals at the first and second-year graduate level.
This development closely follows KPMG’s recent announcement that it would cut 110 positions in its UK deals business, in addition to an earlier announcement of 125 redundancies in its consulting business.
The consulting and advisory sector is facing challenges due to changing market dynamics and economic pressures, prompting these workforce reductions at Deloitte and KPMG. It remains to be seen how these layoffs will impact the affected employees and the firms themselves as they navigate the evolving landscape of the industry.
This situation is indicative of the need for adaptability and resilience in the professional services sector, where firms are continually adjusting to meet the demands of a changing market.