TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
TheFinanceStory
No Result
View All Result
  • Login
  • Register
  TFS Gulf
  • All categories
    • inPractice
    • Entrepreneur Story
    • Finance Leaders
    • Videos
The finance story
No Result
View All Result
  • Login
  • Register
The Finance Story
No Result
View All Result

Deloitte announces job cuts days after EY let go of 3000 US employees. Will the Indian staff see the effect?

Ernst & Young and Deloitte, two of the Big 4 firms just announced that they are laying off over 4000 employees combined. Overcapacity and economic conditions are cited as the primary reasons.

Preeti Mondal by Preeti Mondal
Published date: 1st May, 2023
Last edited date: 12th June, 2023
SHARE (0)
Deloitte announces 1200 job cuts in US following EY

Deloitte announces 1200 job cuts in US following EY

Share on FacebookShare on Twitter
  • Ernst & Young and Deloitte, two of the Big 4 firms, have announced over 4000 combined job cuts.
  • Employees in the US are reported to get pink slips.
  • Will we see any more mass layoffs in the Big 4 in 2023?

Ernst & Young and Deloitte Join the 2023 Layoff Spree

Ernst & Young, one of the Big 4 consulting firms, is letting go of 3,000 of its employees or 5% of its workforce.

This decision came less than a week after dropping their plan to split into auditing and consulting units.

And wait, it doesn’t end there.

Just 4 days after EY’s announcement, Deloitte, another one of the Big 4 firms, shared the same news.

They are reportedly expected to cut 1,200 jobs in the US, with its layoffs impacting the US office as of now.

Why EY is laying off in 2023 

The Big 4 accounting firms, including Deloitte, EY, KPMG, and PwC, dominate the global accounting market share.

These firms had increased their headcount during the pandemic.

EY, although not the first one of the Big 4 to join the firing spree, just recently took the tough decision. Their US employees are getting the pink slips due to overcapacity and current economic conditions. 

The job cuts are expected to mainly affect the consultancy side of the company.

EY denied that the layoffs were due to the failed break-up of operations, codenamed Project Everest.

However, EY India has no plans to cut down on its staff, for now at least.

Why Deloitte is laying off in 2023 

Deloitte’s US headcount rose from 65,000 in 2021 to 80,000 by the end of 2022, following the Covid-19 pandemic.

However, the firm saw a decline in merger and acquisition activities.

The job cuts, which will amount to a 3% reduction of the total workforce, will reportedly affect Deloitte’s Risk and Financial Advisory division, as per a report.

A spokesperson for Deloitte told the Financial Times that they are making modest personnel actions where necessary as their US businesses continue to experience strong client demand, but growth in select practices has moderated.

Closing

Despite initial optimism in the sector following the pandemic, growth, and hiring have slowed significantly due to rising interest rates and global recession fears.

KPMG was the first of the Big 4 to announce layoffs in 2023, reducing its US workforce by 2%, or about 700 employees.

The job cuts were limited to KPMG’s Advisory Practice and did not include any partners. Other companies like McKinsey & Company started cutting 1,400 jobs last month as part of a restructuring effort.

Accenture, the Irish-American IT Company is also reportedly letting go of about 2.5% of their global workforce over 18 months.

The Great Layoff of 2023 is carrying on across sectors, it seems.

But the big question is, will the remaining firm of the Big 4 announce the news of layoffs soon?

Looking for career advice? Book a 1:1 paid call with an industry expert. Fill up this form. 

Preeti Mondal

Preeti Mondal

Recommended for you

India’s IT layoffs driven by Global Capability Centres, not just AI?
GCC

India’s IT layoffs driven by Global Capability Centres, not just AI?

18th August, 2025 | 3 mins read
BCG surpassed McKinsey by headcount...Thanks to talent from India!
Management Consulting

BCG overtakes McKinsey in Headcount…Thanks to talent from India!

18th August, 2025 | 3 mins read
KPMG Australia’s layoffs highlight the mounting challenges facing consulting firms worldwide—where a cooling market, rising cost pressures, and the urgent push toward AI and offshoring are forcing a complete rethink of the playbook.
Big 4

KPMG Australia cuts 635 jobs, while Partners pocket 10.3% pay rise

14th August, 2025 | 3 mins read
PwC triple revenues in India by 2030. Create 20,000 new jobs
Big 4

PwC triple revenues in India by 2030. Create 20,000 new jobs

14th August, 2025 | 3 mins read
Big 4 losing AI race while midzed, small & boutique firms winning
AI

Big 4 struggle with AI adoption, while midsized & boutique firms win

12th August, 2025 | 3 mins read
KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term
Big 4

KPMG India Reappoints Yezdi Nagporewalla as CEO for Second Term

7th August, 2025 | 3 mins read
Next Post
KPMG to lay off nearly 2% of its US personnel. Could the other Big 4 firms be the next to follow?

KPMG to lay off nearly 2% of its US personnel. Could the other Big 4 firms be the next to follow?

Start conversation Cancel reply

Your email address will not be published. Required fields are marked *

Popular posts

  • Big 4 firms in India: Inside Deloitte, PwC, EY, & KPMG growth, careers and salaries

    Big 4 firms in India: Inside Deloitte, PwC, EY & KPMG career prospects, growth and salaries

    0 shares
    Share 0 Tweet 0
  • KPMG Partner quits and goes Boutique with high end advisory firm: Now has 5+ offices & 75+ team

    0 shares
    Share 0 Tweet 0
  • Designations in HDFC Bank: From Joining as an Assistant Manager to climbing to the rank of Managing Director.

    80 shares
    Share 0 Tweet 0
  • Big 4 India Partners jumping from one firm to another: High alert as Partner poaching surges

    0 shares
    Share 0 Tweet 0
  • CA Firms Kirtane & Pandit, Guru & Jana, SSKM unite to build India’s Next Big Global Consulting Firm

    0 shares
    Share 0 Tweet 0
  • Hierarchy level in ICICI Bank: Thinking of joining ICICI Bank? Here’s an overview of the employee grades.

    175 shares
    Share 0 Tweet 0
  • ICAI Under Fire: Women Removed from Front Row at CA Students’ Conference Following Guest’s Demand

    0 shares
    Share 0 Tweet 0
  • EY, PwC, Deloitte surpass 3,300 Partners. EY added 1000+ new Partners

    0 shares
    Share 0 Tweet 0
  • UK firm outsourced accounting work to India but quality dropped: Now established his own offshore unit

    0 shares
    Share 0 Tweet 0
  • Deloitte India offers ‘Golden Handshake’ to senior Partners aged 55 & above. Plans to elevate young partners.

    0 shares
    Share 0 Tweet 0
The Finance Story

The Finance Story empowers finance professionals—CFOs, consultants, accountants, tax experts, and bankers—to navigate critical market shifts, industry disruptions, and emerging technologies & trends.

How? We spotlight key opportunities in India and globally, equipping finance professionals with the insights and strategies to drive business growth, optimize decision-making, and position their companies at the forefront

Quick Links

  • Finance
  • Partners
  • Privacy and Policy
  • Terms of use

Follow us

  • /TheFinanceStory
  • @TheFinanceStory
  • /TheFinanceStory
  • @thefinancestory_com
  • TheFinanceStory

© 2022. The Finance Story. All Rights Reserved.

No Result
View All Result
  • TFS Gulf
  • Entrepreneur Story
  • Finance Leaders
  • Videos
  • Login
  • Sign Up

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies to personalize your experience. By continuing to visit this website you agree to our use of cookies.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Book 1:1 call with industry expert