Today’s news in brief – 22/5/2025

Deloitte UK will reduce bonuses, promotions, and average pay rises for its consulting arm after a year of lower-than-expected profits, though slightly higher than the previous year. According to a staff memo, consulting underperformed significantly, prompting a 20% average bonus cut. Audit also missed targets, while tax, legal, and deals performed well. Pay rises will average 2.9%, down from 5% last year, and promotions will drop from 6,800 to 5,500. Deloitte cited ongoing market uncertainty, geopolitical issues, and economic headwinds. Despite the cuts, the firm reaffirmed its commitment to benefits, flexibility, and recognising employee contributions. KPMG, alongside PIMFA and UK Finance, has released a report identifying four key reforms to unlock growth in the UK’s private banking and wealth management sector. Industry leaders stress the need for proportionate regulation, clearer tax policies, support for innovation, and improved financial literacy. These steps are seen as essential to enabling long-term investment, innovation, and financial resilience. The report urges closer collaboration between government, regulators, and the sector to meet growth ambitions and strengthen financial stability. KPMG’s Daniel Barry and others emphasised the opportunity to boost public financial engagement and expand access to wealth management services across the UK. Irish accountancy firm Ecovis DCA has secured investment from BGF to accelerate growth via acquisitions and expand its footprint in Ireland. Founded in 2003, Ecovis DCA is aligned with a global network, enabling international service delivery. The BGF investment will support its strategy to become a focal point for consolidation among Irish-owned firms, offering an alternative to UK-based consolidators. Following the deal, Adam Crinion will join the board and Aoife McAdam as observer. BGF, which has invested over €120m in Irish businesses, sees strong growth potential in Ecovis DCA’s client service model and ambitious M&A plans in a consolidating sector. Wright Vigar has announced 14 promotions across its offices, highlighting continued internal growth. The headline promotion is Nathan Bowles, named associate director after joining the firm in 2010. Bowles, known for his collaborative approach, plays a key role in the firm’s tax advisory service, helping clients with capital gains, succession planning, and inheritance strategies. He also mentors staff and standardises practices across locations. The remaining 13 promotions span client-facing and support roles. The firm emphasized that these advancements reflect its values of personal service, trusted expertise, and ongoing development, supporting its commitment to delivering tailored, proactive advice to clients.