Deloitte UK financial performance to impact staff bonuses
UK staff bonuses at Deloitte will take the firm’s 2025 performance in each of its arms into account after it was reported the firm is already running behind.
The firm’s revenue for the year ended 31 May 2024 increased by more than two per cent; however, its profits stalled, and several of its businesses, including its consultancy arm, decreased in revenue.
According to a memo reported by the Financial Times, UK senior partner Richard Houston told staff that the firm’s overall profits for the 2025 financial year were “below our original plan” though “slightly ahead of last year”.
As a result, its consulting arm will not receive full bonuses, which will be reduced on average by 20 per cent, and partners’ pay levels will also be affected. Those who are set for a pay rise will see a smaller increase of 2.9 per cent compared to 5 per cent in the previous year.
The average profit per equity partner (PEP) at Deloitte over the 2024 financial year dropped by 5.2 per cent to £1.01m.
Digital green shoots
It was reported by the Financial Times that the firm’s financial advisory business and its tax and legal arm both performed above expectations, resulting in staff being in line for full bonuses.
When contacted for a comment, a spokesperson for Deloitte UK said: “Amid ongoing market uncertainty, we are pleased to recognise our people for their hard work with salary increases, bonuses, and promotions this year.”
“This is alongside other benefits such as fully funded private medical insurance, recently enhanced family policies, and our commitment to offering flexibility and choice in our ways of working,” they added.
Earlier this week, Deloitte announced that its new technology centres in Belfast, Cardiff, Manchester, and Newcastle will open on 1 June. The centres will be staffed by 750 of the firm’s existing technology professionals.
The firm said its ambition is to double the size of this business, which provides technology-enabled solutions to clients, over the next three years. But this push into its technology teams outside London comes after the firm made several rounds of redundancies over the last few years, including cutting 250 underperforming staff last October.