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Deloitte partners have taken a £48,000 pay cut as a result of a “challenging market” with average senior management pay falling from £1.06m per partner to £1.012m.
This comes as the firm posted an operating profit of £756m for the year ended 31 May 2024, which was in line with last year.
Despite the slowdown in deals as a result of the macroeconomic factors the company still saw its revenue rise 2.4% to £5.7bn.
Deloitte made 100 ‘targeted redundancies’ in the UK in March but it said it still hired 3,387 new starts this year and promoted 6,800 people.
Alongside Deloitte, PwC also took the decision to reduce partner pay with their top employees receiving a £44,000 pay cut.
Richard Houston, Deloitte UK senior partner and CEO, said: “This is a strong set of results in a challenging market, against a difficult economic and geopolitical backdrop. Like many businesses, we had to carefully consider our cost base and make some difficult choices this year. We were therefore pleased to be able to recognise our people for their hard work with sustained promotion levels and investments in reward and benefits, including a 5% increase in average pay and bonuses.
“The UK economic outlook has been improving in the last 12 months. A recovering economy, alongside the government’s commitment to work with business in tackling economic and technological challenges, offers the prospect of stronger growth to come.”
