Internal employee communications cited by the Financial Times on Friday revealed that Deloitte is planning to reduce its U.S. workforce by approximately 1,200 jobs, which amounts to 1.5% of its employees.
According to the newspaper, the auditing firm’s job cuts will be more significant in certain areas, such as the financial advisory business, which has experienced a decline in merger and acquisition activity.
Less than a week after the unit’s objection caused the global accounting giant’s plan to divide its audit and consulting units to collapse, Ernst & Young, Deloitte’s competitor, announced that it would reduce its U.S. workforce by 5%.
In a turbulent macroeconomic environment that has negatively impacted consumers and reduced demand in multiple primary business units, several significant Wall Street banks, asset managers, and fintech companies have recently reduced their workforce.
Deloitte is one of the Big Four accounting firms, which also include EY, KPMG, and PricewaterhouseCoopers.
