Deloitte is set to make hundreds of redundancies in the UK as demand for its services slows amid a challenging market environment.
The Big Four accounting firm today announced it would be restructuring its business.
Around three per cent of UK roles are at risk of redundancy under the proposed plans, representing approximately 800 roles, City A.M. understands.
“Today we announced some targeted restructuring across our businesses, which may – subject to consultation – put some roles at risk of redundancy,” Deloitte CEO Richard Houston said.
“This follows a slowdown in growth, which, combined with the ongoing economic uncertainty, means we have to consider the shape of our business and may mean we have to make some difficult decisions.”
The decision comes amid a wider slump in demand for the sector, as dealmaking slows down and businesses rein in costs amid inflationary pressures.
Fellow Big Four accountant EY last month also warned of job cuts in the UK and smaller bonuses as it battles with rising costs.
PwC also noted the challenging market environment earlier this year, with the company warning its junior auditors in May of potential pay freezes.