Joining the layoffs spree renowned professional services network Deloitte will cut around 1,200 jobs or 1.5% of its US workforce, reported the Financial Times on Friday quoting internal employee communications.
The layoffs at the auditing firm will majorly be focused on areas like the financial advisory business that has been severely impacted by merger and acquisition activities, claimed the report.
A Deloitte spokesperson speaking on the matter told Financial Times, "Our US businesses continue to experience strong client demand, as growth in select practices moderates, we are taking modest personnel actions where necessary."
Layoffs by financial firm
Earlier the company's rival Ernst & Young said that it will be firing 5 per cent of its workforce at its US arm nearly a week after the unit's objection hit the company's plan to break up its audit and consulting units.
Many other financial firms have also slashed jobs in the last few months. These firms include Wall Street Banks, asset managers and fintechs due to the worrying global economic conditions.
Deloitte is a part of the Big Four accounting firms including EY that laid off 5 per cent of its workforce, KPMG that fired 2 per cent of its US workforce and PricewaterhouseCoopers that said that it would be hiring close to 30,000 employees in the next five years for its Indian arm.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)