Deloitte latest to cut partner pay amid deal slowdown

Deloitte partners have taken a £48,000 pay cut amid ‘challenging market’

The news comes just days after a similar move at rival PwC, which saw top accountants take a £44,000 hit.

The average salary of Deloitte’s senior management has fallen from £1.06m per partner to £1.012m.

Profits rose to £756m in the year to May 31, the same as the previous year.

Negotiators have hit the brakes in the face of economic uncertainty. This has also decreased the demand for accountants and consultants.

Richard Houston, chief executive of Deloitte UK, said: ‘This is a strong set of results in a challenging market.

“Like many businesses, we had to carefully consider our cost base and make some difficult decisions this year.”

Deloitte made 100 “targeted redundancies” in the UK in March. But it said it still hired 3,387 new employees this year and promoted 6,800 people within its workforce of 27,000. Eighty people were promoted to partner.

Despite the slowdown, revenue rose 2.4 per cent to £5.7bn.