Deloitte begins major restructure to cut costs: Report

 

 Deloitte initiates significant organizational overhaul to reduce expenses, says Financial Times. The consultancy giant, Deloitte, has embarked on its most substantial reorganization in a decade with the goal of lowering costs and streamlining operations amid forecasts of a market downturn, reports the Financial Times. The revamp will see Deloitte's primary divisions decrease from five to four: audit and assurance; strategy, risk, and transactions; technology and transformation; and tax and legal, a change from its structure since 2014, according to the publication.

Although exact savings figures were not disclosed, Deloitte's worldwide CEO, Joe Ucuzoglu, informed partners via email that the restructuring would allow more staff to focus on client services instead of internal management. The firm employs over 455,000 people.

This restructuring decision comes as Ucuzoglu opts not to pursue a division of the firm into separate consulting and audit entities, a strategy considered by its competitor EY. Deloitte plans to have the new organizational framework operational by June 2025, with member firms beginning the transition as early as this June, as detailed in the partners' email, reports the Financial Times.

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