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Deloitte to slash 800 jobs with consulting hit hardest

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Summary

Deloitte has announced plans to cut 800 jobs across its UK operations, with around 19% of the job losses coming from junior consultants. The Big Four consulting firms have been facing a threat to their bottom-line due to a slowdown in demand. Deloitte plans to cut 150 first and second-year consulting roles, as well as 45 jobs from its Human Capital Management department. Deloitte has declined to issue a statement on the graduate job cuts, however it did note that some roles were at risk of redundancy due to restructuring.

Q&As

How many jobs is Deloitte planning to cut in the UK?
Deloitte is planning to cut 800 jobs in the UK.

What proportion of job cuts will be from junior consultants?
Almost a fifth (19%) of the job cuts will be from junior consultants.

What are the four major consulting firms in the UK?
The four major consulting firms in the UK are KPMG, Deloitte, PwC and EY.

What has been the impact of the pandemic on the consulting industry?
The pandemic has caused a boom in demand for consulting services, but now demand is slowing and the firms are facing a threat to their bottom-line.

What were the proposed job cuts in Deloitte's US operations?
Deloitte announced plans to slash 1,200 jobs in the US.

AI Comments

👍 Deloitte is showing great care and respect for their employees by offering support during this difficult time.

👎 It is concerning that Deloitte is making such drastic cuts to junior consultants, leaving many without a job.

AI Discussion

Me: Deloitte is cutting 800 jobs, with junior consultants taking the biggest hit. It's part of a larger trend in the Big Four consulting firms, where demand has slowed and the firms are facing a threat to their bottom line.

Friend: Wow, that's really concerning. It's hard enough for young people to find jobs right now, and this will make it even harder. It's also alarming that these large firms are having to make cuts due to economic uncertainty.

Me: Absolutely. It's also concerning that the graduate roles are the ones being targeted for cuts - these junior consultants are just starting out their careers and now they're facing an uncertain future. It's a reminder that the consulting industry can be volatile and that those entering it should be aware of the risks.

Action items

Research the consulting industry in the region of interest to gain a better understanding of the current market conditions.
Reach out to contacts in the consulting industry to gain insights into the job market and potential opportunities.
Develop a strategy for applying to consulting jobs, including researching the firms, networking, and preparing a strong resume and cover letter.

Technical terms

Deloitte: A multinational professional services network.
KPMG, PwC, EY: Other multinational professional services networks.
Crisis: A time of intense difficulty, trouble, or danger.
Redundancies: The state of being made unemployed, typically as a result of cutbacks or reorganization within a company.
Junior consultants: A consultant who is relatively new to the profession and has limited experience.
Big Four: The four largest professional services networks in the world.
Attrition: The gradual reduction of a workforce through retirement or resignation.