Deloitte to layoff 1200 employees

According to  Financial Times on Friday, Deloitte has informed employees that it would eliminate around 1,200 jobs in the United States, accounting for 1.5% of its workforce

Following a recent downturn in mergers and acquisitions, the group’s financial advisory section would be most hit, according to the daily.

According to the Financial Times, directors of Deloitte’s risk and financial advisory division announced the job cuts in a staff call on Thursday, citing employee complaints on internet forums.

According to a Deloitte representative, while client demand in the United States remains high, growth in “select practices” has decreased.

The layoffs came after Deloitte and peers such as EY and McKinsey increased their staff counts during the epidemic in order to assist clients in adapting to remote working and capitalize on a rise in M&A activity. The FT’s staff increased from 65,000 to 80,000 last year.