Deloitte cuts UK travel spending in half

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Deloitte is looking to cut staff travel and spending in the UK by more than 50% to maintain partner revenue during a slowdown in the professional services sector.

An email to partners and directors at the Big Four consultancy, seen by the Financial Times, said the firm was introducing company-wide cost management measures due to difficult market conditions in the UK.

An email sent in October said the company was aiming to reduce spending on travel and expenses by more than 50% by the end of its financial year in May. The cuts were described as limited and temporary.

Cost cuts are a sign that the UK consulting sector continues to struggle. The UK consulting sector has been hit by a period of sluggish demand following the pandemic-era boom, when companies were looking for help implementing new technologies. The prolonged slowdown in mergers and acquisitions (M&A) activity has also taken a toll on advisory work.

An email from Sarah Humphreys, chief operating officer of the tax and legal department, said the company was considering additional cost-cutting measures, including a review of recruitment agency fees, licensing fees, bad debt and global recharges.

The tax and legal departments decided to reduce travel and entertainment expenses, which were the least disruptive areas for reconciliation, she added in an email to senior members of her department.

Deloitte has made more than 1,000 redundancies from September 2023 in the UK, where it employs around 25,000 people. The Financial Times previously reported that Deloitte was shedding employees it deemed underperforming, including about 250 advisory staff this fall.

Richard Houston, senior partner and CEO of Deloittes UK, warned that companies will need to consider their cost base carefully and make some difficult choices this year.

Despite the market downturn, Deloittes 749 UK equity partners earned an average salary of more than $1 million in the 12 months to May 2024.

It was the only Big Four company to exceed the threshold in the most recent fiscal year. This performance was achieved despite a 1% decline in revenue in our Consulting segment, our largest service line, and a 2% decline in revenue in our Financial Advisory business in the 12 months to May 2024.

UK financial services consulting faces a gloomy outlook. Research group Source Global said in October that growth in the financial services consulting market would almost double globally to around 5% in 2024, while the UK market would decline by 2%.

Deloitte reorganized its UK operations this year in line with a global overhaul aimed at cutting costs and reducing organizational complexity. 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.

Deloitte said: Like many organizations, we are looking closely at our costs to ensure we can meet the needs of our clients while continuing to invest in our company and people.

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