Thousands set to lose jobs as ‘Big Four’ announce job cuts one after another

Deloitte became the second among the Big Four financial consulting giants to announce job cuts on Friday. The London-headquartered firm, which reported an annual revenue of $59.3 billion in 2022, reportedly told its staff that it will cut around 1,200 jobs in the United States.

Deloitte’s job cuts come just four days after Ernst & Young, another Big Four consulting giant, announced a similar measure, while citing “overcapacity” for laying off about 3,000 employees in the United States.

Deloitte layoffs: Who will be most affected?

According to a report in the Financial Times, the job cuts would entail 3 per cent reduction of total workforce at Deloitte’s Risk and Financial Advisory division.

Big Four layoffs: Who is laying off how many?

In cumulative terms, the 3,000 people losing their jobs at Deloitte translate into 1.5 per cent of the company’s total workforce in the United States. 

Therefore, the job cuts at Deloitte are less deep than at Ernst & Young four days ago, and the ones at KPMG in February.

ALSO WATCH | KPMG to cut 2% staff in US, several financial firms slash jobs

While KPMG’s job cuts in February affected close to 2 per cent of its total US workforce, about 5 per cent of Ernst & Young’s total workforce was affected as part of the job cuts announced by the company earlier this week.

Big Four layoffs: Post-pandemic hirings in spotlight

All Big Four financial advisory firms went on a hiring spree as the effect of Covid pandemic began receding. For instance, Deloitte’s US headcount increased from 65,000 in 2021 to 80,000 by the end of last year. 

But layoffs are not just a Big Four-specific exercise in recent weeks.

Large-scale layoffs this week have rocked the corporate corners at Whole Foods, Meta and Opendoor.

Among others, San Francisco-based ride hailing platform Lyft Inc. also announced layoffs on April 21. While the company did not specify how many people will be affected, people familiar with the matter told Wall Street Journal that as many as 1,200 people will be affected in the layoff exercise.

You can now write for and be a part of the community. Share your stories and opinions with us here.

Source link

Related Articles

Leave a Reply

Back to top button