Big Four Job Cuts: Thousands to Lose Jobs as Deloitte, Ernst & Young and KPMG Slash Workforce

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Deloitte has joined the Big Four consulting firms in terminating employees. The company announced that it would eliminate 1,200 positions in the United States, or approximately 3 percent of its workforce. Just four days prior, Ernst & Young had announced that it would lay off approximately 3,000 employees in the United States. KPMG also announced earlier this year that it would reduce its US workforce by 2%.

Who Will the Deloitte Layoffs Affect?

In accordance with a recent Financial Times article, the Risk and Financial Advisory division of Deloitte expects to lose around 3% of its workforce. The layoffs, which would mostly effect the American market, are anticipated to affect 1.5% of Deloitte’s total staff nationwide. This news comes as Deloitte, like many other companies, is facing unprecedented challenges. The company has cited a need to restructure its operations to remain competitive in the current economic climate.

Post-Pandemic Employment in the Spotlight

As the effects of the Covid pandemic began to abate, the Big Four consulting firms all went on a hiring binge. For instance, Deloitte increased its headcount in the United States from 65,000 in 2021 to 80,000 by the end of 2022. However, the redundancies have brought these hirings to light.

Retrenchments in Other Companies

There have been layoffs outside of the Big Four consulting firms. Other companies, including Whole Foods, Meta, Opendoor, and Lyft, have recently announced mass reductions. As the economy continues to recover from the pandemic, companies are reevaluating their needs and operations, which has led to the unfortunate redundancies.

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