Deloitte has become the latest of the Big Four accounting firms to announce significant job cuts, with thousands of employees set to lose their jobs across the globe. The move comes as the company struggles to cope with the economic fallout.
According to a statement released by the company, the cuts will affect 5% of its workforce, or approximately 5,000 employees. The company has already begun notifying affected employees and expects the process to be completed in the coming weeks.
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The majority of the job cuts will be in the company’s consulting and auditing practices, although no specific details have been provided. Deloitte has said that it will also be restructuring some of its business lines and reducing its real estate footprint.
The announcement comes as many companies around the world have been forced to make difficult decisions about their workforce in the wake of the pandemic. Deloitte’s competitors, including KPMG, EY, and PwC, have also announced significant job cuts in recent weeks.
Deloitte has said that it will provide support and assistance to affected employees, including career counseling and job search resources. The company has also pledged to maintain its commitment to diversity and inclusion and to continue investing in its people.
In a statement, Deloitte CEO Punit Renjen said, “We recognize that this is a difficult time for our people, and we are committed to treating everyone with respect and dignity throughout this process. Our priority is to support our people and clients during this challenging time.”
The job cuts are expected to be completed by the end of August, with the company anticipating a one-time charge of up to $1.5 billion related to the restructuring. Despite the challenges posed by the pandemic, Deloitte remains one of the largest and most influential accounting firms in the world. With operations in more than 150 countries.
