Deloitte recently cut its partners’ salaries due to the slowdown in deals
Deloitte partners have taken a £48,000 pay cut in a ‘challenging market’
The news comes just days after a similar move at rival PwC, which saw top bean counters take a £44,000 hit.
The average salary for Deloitte’s senior management has fallen from £1.06 million per partner to £1.012 million.
Profits for the year to May 31 were £756 million – the same as the year before.
Dealmakers have hit the brakes in the face of economic uncertainty. As a result, the demand for accountants and advisors has also decreased.
Cutting costs: Average salary for Deloitte’s senior management has fallen from £1.06 million per partner to £1.012 million
Richard Houston, CEO of Deloitte UK, said: “These are strong results in a challenging market.
“Like many other companies, we had to think carefully about our cost base this year and make some tough choices.”
Deloitte implemented 100 ‘targeted redundancies’ in Britain in March. But it said it still hired 3,387 new starts this year and promoted 6,800 people across its 27,000 workforce. Eighty people were promoted to partner.
Despite the slowdown, revenues rose 2.4 percent to £5.7 billion.
DIY INVESTMENT PLATFORMS
A. J. Bell
A. J. Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund trading and investment ideas
interactive investor
interactive investor
Invest for a fixed amount from € 4.99 per month
Sax
Sax
Get £200 back in trading fees
Trade 212
Trade 212
Free trading and no account fees
Affiliate links: If you purchase a product, This is Money may earn a commission. These deals have been chosen by our editors because we believe they are worth highlighting. This does not affect our editorial independence.