Up to 800 UK jobs are under threat at 'big four' accountancy firm Deloitte, according to reports this morning.
The company, which employs over 100 people in Aberdeen, is considering the move as part of a cost-cutting restructuring.
In a statement, Deloitte confirmed some roles were potentially at risk of redundancy, but did not go into specifics.
The proposed job losses are understood to represent a 3% cut in the company's 27,000-strong workforce in the UK.
Deloitte chief executive Richard Houston said in a statement: "Today we announced some targeted restructuring across our businesses, which may - subject to consultation - put some roles at risk of redundancy.
"This follows a slowdown in growth, which, combined with the ongoing economic uncertainty, means we have to consider the shape of our business and may mean we have to make some difficult decisions."
He added: "I fully understand this is an unsettling time for those people affected and we will be doing everything we can to support individuals with care and respect."
Slowing demand
Deloitte and the other 'big four' firms are having to contend with slowing demand from clients.
Consulting work slowed in the past year after enjoying bumper growth in 2021 and early 2022 when companies were seeking advice on how to deal with challenges linked to the CV19 pandemic, according to the Financial Times.
The professional services sector has, however, been hit by rising costs and falling demand from big companies over the past year. A boom in mergers and acquisitions that drove deal advisory work has also abated as interest rates have climbed.
A person familiar with the decision told the FT that Deloitte will mainly target jobs in its consulting, financial advisory and risk advisory businesses as well as a small number of roles in its audit and assurance and a cross-sector 'enabling functions' advisory team.
It comes as fears about the UK's economic outlook continue to weigh on businesses, amid high inflation, rising interest rates and stagnant growth.
A recent poll of 400 recruitment agencies reported a 43% drop in permanent hires in July, with the number of new recruits declining at the quickest rate in three years.