Deloitte, one of the big four professional services firms, announced on Monday that it would shed 700 professional staff from its 10,000-strong Australian workforce. Reports the Guardian Australia
While revenue has grown for the financial year by 10%, the firm had experienced a significant decline in its revenue base across Q4 as a result of Covid-19 impacts, including a decline of 19% year on year in May 2020, chief executive, Richard Deutsch said in a release to staff.
In particular the consulting division, which provides advice to business and government on business processes, mergers and compliance has been seen a sharp downturn in future work.
“From the beginning of the Covid-19 crisis two of our important principles have been to preserve as many jobs as possible while also protecting the long-term sustainability of the firm,” Deutsche said.