Accenture will cut up to 900 jobs in the UK as the US-listed consultancy lowers costs due to a decline in work during the coronavirus pandemic.
The company told its 11,000 employees in the UK this week that about 8 per cent of jobs at all levels would be cut. Redundancies will start this month and conclude by September.
Demand for consultants has dropped during the financial downturn caused by the pandemic, as companies have paused deals and put large transformation projects on hold. Source Global Research, which advises the professional services industry, estimated the size of the global consulting sector would constrict by nearly a fifth to $130bn in 2020.
The UK’s large advisory and accounting firms Deloitte, PwC, KPMG and EY have cut partner pay by between 20 per cent and 25 per cent since March to preserve cash as fees, particularly from management consulting and tax work,