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News » Deloitte to trim business units to cut costs

Deloitte to trim business units to cut costs

UNITED KINGDOM and UNITED STATES — To prepare for economic headwinds, professional services network Deloitte is restructuring its operations by consolidating its main business units from five to four divisions.

Under the reorganization led by Deloitte’s global chief executive Joe Ucuzoglu, the firm’s consulting, financial advisory and risk advisory practices will be merged into two newly created units: ‘Strategy, Risk and Transactions’ and ‘Technology and Transformation.’ The other two units will be ‘Audit and Assurance’ and ‘Tax and Legal’.

The firm claims that the measure will “[modernize] and simplify” its operations and “free up” more of its employees to work with clients rather than manage staff internally. 

Deloitte provides a range of outsourcing solutions across different business functions like human resources (HR), finance, accounting, payroll, corporate secretarial services, and investment management services. 

Deloitte, which employs about 455,000 people worldwide, did not comment on whether the shuffle will involve job cuts.

Ucuzoglu will lead the massive shake-up, which is expected to be completed by June 2025.

Deloitte—the largest of the Big Four accounting firms, alongside PwC, Ernst & Young, and KPMG—saw its revenues increase by 15% to $65 billion in the last financial year

However, the Big Four accounting firms are taking various measures to brace for the difficult economic backdrop expected in the next 12 months. 

Read more here.

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