Deloitte imposes China staff on unpaid leave
Firm hit by slowdown in corporate finance work
A slowdown in initial public offerings and mergers and acquisitions has
forced Deloitte to put some staff in its China practice on unpaid leave, the
Financial Times reports.
A hiatus on new floats on the Shanghai exchange since September was the
result of a ban imposed on domestic listings by the Chinese Government.
Deloitte employs 8,000 people in China, and has appealed to staff to take
unpaid leave each month in order to avoid a round of redundancies.
There are signs that Deloitte is continuing to hire in China, despite its
difficulties. And global headcount has increased by three per cent.
Deloitte is experiencing strong growth elsewhere in the Asian region,
including in Australia which is on track to achieve double-digit growth this