April 21 (Reuters) – Deloitte will cut about 1,200 jobs, or 1.5 percent, of its workforce in the United States, the Financial Times reports. mentioned on Friday, citing internal staff communications.
The newspaper said layoffs at the auditing firm will be higher in areas such as the financial advisory business, which has been affected by a decline in merger and acquisition activity.
Earlier this week, Deloitte’s rival Ernst & Young said it would drop 5% of the workforce in its US arm, less than a week after the unit objected to torpedoing the global accounting giant’s plan to break up its auditing and advisory units.
“Our US business continues to experience strong customer demand. With growth moderating in select practices, we are taking modest personal measures where necessary,” Deloitte said in a statement emailed to Reuters.
Many financial firms have cut jobs in recent months including major Wall Street banks, asset managers and financial firms amid the turbulent macroeconomic environment that has put pressure on consumers and soured demand in many core business units.
Deloitte is part of the Big Four accounting firms that include EY, KPMG, and PricewaterhouseCoopers.
Additional reporting by Jaiver Singh Shekhawat in Bengaluru; Editing by Shailesh Cooper
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