Global consultancy Deloitte is planning to lay off about 1.5 per cent of its workforce in the US, or about 1,200 people, amid growing fears of a slowdown in the world’s biggest economy.
The terminations will be focused on areas such as the financial advisory business, which has been affected by a drop in merger and acquisition activity, The Financial Times reported on Friday.
The reductions in Deloitte’s risk and financial advisory business will amount to 3 per cent of the division's staffing, it added.
“Our US businesses continue to experience strong client demand,” the FT quoted a Deloitte representative as saying.
“As growth in select practices moderates, we are taking modest personnel actions where necessary.”
New York-headquartered Deloitte US has more than 80,000 professionals, up from 65,000 in 2021.
The consultancy did not immediately respond to The National’s request for comments.
After boosting hiring activity during the digital boom at the height of the Covid-19 pandemic, consultancies such as Deloitte, Ernst & Young and KPMG have been laying off workers amid declining demand for their services and growing fears of a recession in the US.
They went on a hiring spree after the pandemic accelerated digital transformation efforts and hybrid work cultures across industries, which in turn fuelled demand for their services.
This week, EY’s US arm reportedly said it was firing 5 per cent of its workforce, almost 3,000 of the company's US employees.
In February, KPMG revealed plans to lay off nearly 2 per cent of its US staff in advisory roles.
Last month, IT consultancy Accenture also announced plans to cut 19,000 jobs, or about 2.5 per cent of its global workforce, as it also lowered its profit forecast over worries of a global economic slowdown.
Management consultancy McKinsey is planning to cut 2,000 jobs, Bloomberg reported in February.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
Killing of Qassem Suleimani
Bookshops: A Reader's History by Jorge Carrión (translated from the Spanish by Peter Bush),
Biblioasis
Korean Film Festival 2019 line-up
Innocent Witness, June 26 at 7pm
On Your Wedding Day, June 27 at 7pm
The Great Battle, June 27 at 9pm
The Witch: Part 1. The Subversion, June 28 at 4pm
Romang, June 28 at 6pm
Mal Mo E: The Secret Mission, June 28 at 8pm
Underdog, June 29 at 2pm
Nearby Sky, June 29 at 4pm
A Resistance, June 29 at 6pm
UAE's final round of matches
- Sep 1, 2016 Beat Japan 2-1 (away)
- Sep 6, 2016 Lost to Australia 1-0 (home)
- Oct 6, 2016 Beat Thailand 3-1 (home)
- Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
- Nov 15, 2016 Beat Iraq 2-0 (home)
- Mar 23, 2017 Lost to Japan 2-0 (home)
- Mar 28, 2017 Lost to Australia 2-0 (away)
- June 13, 2017 Drew 1-1 with Thailand (away)
- Aug 29, 2017 v Saudi Arabia (home)
- Sep 5, 2017 v Iraq (away)
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
