Deloitte will cut 1,200 jobs, or 1.5% of its US workforce, the Financial Times reported. Layoffs will be higher at auditing firms in areas such as the financial advisory business, the report added. Earlier this week, Deloitte’s rival Ernst & Young said it had cut staff in its U.S. arm by 5%.
Layoffs from auditing firms will be even greater in areas such as the financial advisory business, which has been hit by a slowdown in merger and acquisition activity, the newspaper said.
Earlier this week, Deloitte’s rival Ernst & Young said it had cut staff in its U.S. arm by 5%, less than a week after the unit’s objections to the global accounting giant’s plans to dismantle audit and consulting units torpedoed.
A number of financial firms have cut jobs in recent months, including major Wall Street banks, wealth managers and fintechs amid a turbulent macroeconomic environment that has put pressure on consumers and increased demand in several key business units.
