Adrian JohnsonTLDR:
Deloitte Global reported a revenue of $67.2 billion for the fiscal year ending in May 2024, which is a 3.6% increase from the previous year. The growth was driven by strong performance in EMEA and the tax and legal service line. The firm also restructured its business units and workforce.
Key Elements of the Article:
- Deloitte Global reported a revenue of $67.2 billion for the fiscal year ending in May 2024.
- The revenue increase of 3.6% in U.S. dollar terms and 3.1% in local currency terms was driven by growth in EMEA and the tax and legal service line.
- The firm announced a restructuring of its business units from five to four, focusing on audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal.
- Amidst the revenue growth, Deloitte laid off employees in the U.S. and U.K. due to a slowdown in demand for certain advisory services.
- The firm’s global workforce increased from approximately 457,000 to more than 460,000 over the past 12 months.
Full Article:
Deloitte Global announced a revenue of $67.2 billion for the fiscal year ending in May 2024, representing a 3.6% increase from the previous year. The growth was driven by strong performance in the Europe, Middle East, and Africa (EMEA) region, which saw an 8.5% increase in local currency terms. Additionally, the tax and legal service line experienced the most revenue growth at 8.7%.
In response to changing market dynamics, Deloitte announced the restructuring of its business units from five to four, focusing on audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal. This restructuring aimed to align the firm’s capabilities with emerging areas of client demand.
Despite the overall growth, Deloitte faced challenges in its financial advisory business, which saw a revenue decrease of 3.8%. This led to layoffs of 1,200 professionals in the U.S. in April 2023 and more than 800 job cuts in the U.K. The firm’s workforce, however, increased from approximately 457,000 to more than 460,000 over the past year.
Deloitte’s Global CEO, Joe Ucuzoglu, emphasized the firm’s resilience in a complex global environment and its ability to help clients navigate tech-driven transformation. The firm’s strategic investments in advanced technologies and sector expertise positioned it to deliver value to clients and society at large.
