The economic impacts of the COVID-19 pandemic have forced Deloitte Australia to tighten its belt, resulting in 700 staff members being made redundant.
The company says the decision to reduce its workforce of 10,000-strong by 700 was made in response to COVID-19.
Whilst Deloitte's revenue has grown for the financial year by 10 per cent the firm experienced a "significant" decline in revenue in the fourth quarter.
This decline includes a 19 per cent revenue drop year on year in May 2020, and the company anticipates this reduced level of revenue will continue for at least the first quarter of FY21.
The staff reduction equates to approximately 7 per cent across most business units and client service departments, with most of the reductions coming from the consulting and advisory parts of the business.
"From the beginning of the COVID-19 crisis two of our important principles have been to preserve as many jobs as possible while also protecting the long-term sustainability of the firm," says Deloitte Australia CEO Richard Deutsch.
"Unfortunately, the last quarter of our 2020 financial year has seen a substantial drop in revenue and operating profit. We expect this trend to extend into at least the first quarter of our new financial year.
"Today, I have announced a second round of measures that includes a reduction in our workforce, actions that would not have occurred had it not been for the impact of COVID-19."
In April Deloitte announced that it would be making some immediate changes to the business to keep the company afloat during the COVID-19 pandemic including the short term reduction in annualised pay of 8 per cent for the majority of Deloitte Australia's staff.
Updated at 4:57pm AEST on 22 June 2020.
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