Deloitte has launched the largest restructuring of its global operations in ten years, according to a Financial Times report. The Big Four firm aims to save expenses and simplify the organisation in the face of an anticipated slowdown in the market, the report added.
As part of the plan, Deloitte’s main business units will be cut to four—audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal—from the five the firm has had since 2014, the FT report said.
The report also added that "a figure had not yet been put on the savings" and the Big Four firm's global chief executive, Joe Ucuzoglu told partners in an email that the plan would "free up" more employees to work with clients rather than manage staff internally. The company has more about 4.55 lakh employees.
Deloitte's global revenues increased 15% to $65 billion in its last financial year, cementing its spot as the largest of the big four. However, the UK consulting market will fail to grow this year for the first time since 2020 amid a difficult economic backdrop.
The restructuring follows the decision by Ucuzoglu not to follow rival EY in attempting to split its firm between consulting and audit.
The new structure is expected to be in place by June 2025, with member firms starting to implement it as soon as June, according to the email to partners, the FT report said.
(Edited by : Ajay Vaishnav)
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