Deloitte says personnel changes are coming, reportedly shedding 1,200 U.S. jobs

Deloitte is reportedly shedding 1,200 U.S. jobs despite strong client demand and as company growth moderates.

While the accounting firm did not indicate how many employees would lose their jobs, Jonathan Gandal, managing director of Deloitte Services, emailed FOX Business stating, “Our U.S. businesses continue to experience strong client demand.”

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“As growth in select practices moderates, we are taking modest personnel actions where necessary,” he finished.

The layoffs will reportedly be higher in the financial advisory business, which has been affected by a slump in merger and acquisition activity.

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Earlier this week, Deloitte’s rival Ernst & Young said it was cutting 5% of its U.S. workforce less than a week after the U.S. partners’ objection ruined the firm’s plan to break up its audit and consulting units.

Amid a weakened economy, several financial firms have also cut jobs in recent months, including major Wall Street banks, asset managers and fintechs.

Deloitte is part of the big four accounting firms that include EY, KPMG and PricewaterhouseCoopers.

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Reuters contributed to this report.