Big Five firm Deloitte & Touche this week revealed it has trimmed nine employees off its corporate finance team as part of an ongoing review of its activities, writes Alex Miller.
It is not clear exactly in which areas the staff were removed, but the decision was taken by the firm’s management during the last quarter.
Deloittes has 300 staff in its corporate finance team, with the majority based in London.
No formal announcement was made by the firm due to the relatively small number of job losses involved.
The move follows 200 job losses at rival Ernst & Young, which made cuts to its tax, corporate recovery, corporate finance and audit divisions in the central, south and London regions.
‘Fortunately we have not had to make the same level of cuts as Ernst & Young,’ explained a spokeswoman for Deloittes. She added: ‘None of the nine losses were of manager grade, no partners were among those made redundant.’
However, it is understood that over the next few months, Deloittes will be looking to recruit an additional 12 staff to work on business modelling and post-merger work divisions within its corporate finance operation.
Ernst & Young cuts 200 jobs www.accountancyage.com/Career/1125407.
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