The Big Four accounting firms—Deloitte, PwC, EY and KPMG—are grappling with significant uncertainties amid a global economic slowdown. As a result, the industry giants are implementing job cuts and structural changes in response to declining demand for advisory services and heightened economic volatility.
Deloitte restructures: Deloitte has initiated multiple rounds of layoffs across various regions. In the UK, the firm announced plans to cut up to 180 roles in its advisory business, citing challenging market conditions. This move follows previous redundancies, including up to 800 job cuts primarily in the consulting division. The firm is also undergoing a significant restructuring, consolidating its divisions from five to four to streamline operations.
PwC cuts workforce: PwC is also navigating the downturn by reducing its workforce and delaying promotions. The firm has initiated voluntary redundancies targeting over 100 middle-managers and postponed promotions for about 100 junior consultants. These measures aim to manage costs amid reduced demand for consulting services. Additionally, PwC has encouraged early retirements among partners to introduce new talent and is shifting focus towards advisory roles in artificial intelligence and technology.
EY merges business units: EY is undergoing significant restructuring by merging several regional business units, reducing its 18 regional businesses to 10 larger units. In the UK, EY has announced a fresh round of partner job cuts, primarily affecting senior-level staff, including managers and senior managers, due to the declining demand for consultancy services.
KPMG's overhaul: KPMG is implementing a substantial restructuring plan, reducing its global country units from over 120 to between 30 and 40 by the end of 2026. The firm has also announced plans to lay off around 4% of its U.S. audit workforce, amounting to approximately 330 employees, to address lower voluntary turnover and align workforce size with market demands.
Graduate hiring reduced: The collective actions of the Big Four reflect a broader trend in the professional services sector, where firms are adjusting to economic headwinds by implementing cost-cutting measures and restructuring operations. A reduction in graduate hiring further underscores the cautious approach the big accounting firms are adopting in response to economic challenges.
