Deloitte lays off 250 UK employees due to poor performance

Wednesday, October 23, 2024 9:18 AM

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Big Four firm Deloitte has laid off 250 UK staff as it embarks on another round of layoffs due to stagnant profits.

According to the Financial Times, around 250 British employees deemed to be underperforming have been let go from their jobs.

Those affected were employees of the advisory department. However, the FT reported that the company did not disclose these moves across its business.

The move follows revelations last month that Deloitte was planning to make around 800 redundancies in the UK as demand for its services slowed amid difficult market conditions.

In September 2023, Richard Houston, senior partner and CEO of Deloitte UK, said cuts followed. Slowing growth combined with ongoing economic uncertainty means we need to consider the shape of our business.

In late September, the company reported a 2.4% increase in revenue to $5.7 billion for the fiscal year ended May 31, 2024, but distributable operating profit of $756 million, similar to last year.

Additionally, Deloitte UK's average profit per equity partner (PEP) fell 5.2% to 1.01 million from 1.06 million the previous year.

Houston said of the results at the time: “Like many businesses, we have had to carefully consider our cost base and make some difficult choices this year.

Deloitte has been contacted for comment.

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