Deloitte UK plans to cut 180 advisory roles in new job cuts.

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Deloitte plans to cut a further 180 jobs across the UK consulting industry, the latest sign of weakness in the UK consulting industry.

The Big Four companies informed affected employees Tuesday morning that their jobs were at risk in a restructuring they said was necessary to navigate difficult market conditions, according to people familiar with the move.

The cuts follow 800 redundancies announced in September 2023 and a further 100 cuts in February this year. The company is shedding employees it deems to be underperforming, including about 250 advisory staff this fall, the Financial Times reported last month.

The job cuts will affect staff in both the strategy, risk and trading departments and the technology and innovation departments, according to people familiar with the move. The job losses are still subject to consultation and represent less than 1% of Deloitte's UK workforce, they said.

Richard Houston, senior partner and CEO of Deloittes UK, warned in September that the firm would need to consider its cost base carefully and make some difficult choices this year.

He was speaking after the firm announced that its 749 UK equity partners took home an average of more than $1 million for the fourth consecutive year, despite slowing revenue growth in the financial year ended in May.

Revenues from Deloittes' consulting division fell 1% during the fiscal year, while revenue from its financial advisory division fell 2%.

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The UK consulting market has been sluggish since the end of the pandemic-era technology innovation boom, while the slow pace of mergers and acquisitions activity has also taken a toll on advisory work in the financial services sector.

Deloitte's latest cuts are a sign that large companies are finding only limited relief in the current fiscal year.

Source Global, a research group focused on the consulting industry, said last month that the global financial services consulting market will grow by about twice as much in 2024 as last year, while the UK market will shrink by 2%. .

Deloitte has already overhauled its UK operations this year as part of a wider global reorganization of the company's service lines. The main business units were reduced to four Audit and Assurance departments. Strategy, Risk and Trading; technology and change; Five taxes and laws the company previously had.

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