Key Points
- Deloitte is making changes because of tough market conditions.
- The firm hasn’t revealed how many jobs will be lost.
- Australian revenue fell 2.4% to $2.78 billion in 2024.
- Job cuts are happening across major consulting firms.
- Deloitte sees big changes in what clients want.
Looma News
Deloitte is undergoing a big restructuring as it deals with tough market conditions and a drop in demand for some services. The firm hasn’t confirmed how many employees will be let go, but some think it could be in the hundreds. This round of cuts follows a major overhaul announced seven months ago to reduce costs.
All the big four consulting firms KPMG, EY, and PwC are also letting staff go over the past year due to decreased demand for dealmaking and consulting services. Deloitte’s revenue in Australia fell 2.4% to $2.78 billion for the 2024 financial year, mainly because of weaker demand for its advisory and consulting services, especially with more scrutiny on the professional services industry.
A Deloitte spokesperson said, “We regularly review our hiring priorities and workforce based on market demand.” The company is adjusting to the current economic situation and recognizes significant changes in how clients are purchasing its services. While cutting jobs in some areas, Deloitte is still hiring in sectors where demand is strong.
In March, Deloitte had already announced a small number of layoffs in its national operations. The firm currently employs about 460,000 people worldwide, with over 13,000 staff in Australia as of July.
