Deloitte UK CEO to employees: Technology transformation division faced a particular …
has announced that it will cut bonuses to 80% for employees in its technology and transformation consulting division and reduce overall promotions after the unit failed to meet profit targets for the 2025 financial year.
Chief Executive
Richard Houston
informed staff in a company wide email that the technology and transformation (T&T) division "faced a particularly challenging year and fell materially short of its performance goals," according to Business Insider, which obtained the internal memo. Partners in the struggling division will also see reduced annual rewards.
The firm plans to promote only 5,500 employees—25% of its UK workforce—compared to 28% promoted last year. Houston said Deloitte's total profits would be "slightly ahead of last year" but "below our original plan" when the financial year ends May 31.
Market headwinds hit consulting demand, says Deloitte UK CEO
Houston attributed the shortfall to continued
market uncertainty
, citing "an early election, geopolitical complexity, and unexpected economic headwinds" that disrupted anticipated growth opportunities. The consulting industry has faced a broader slowdown in demand that has pressured revenue growth across major firms.
Employees in Deloitte's other three divisions—deals, tax and legal, and audit and assurance—will retain full bonuses after meeting or exceeding targets. However, the promotion cuts affect all divisions, with one T&T consultant telling Business Insider the news was "demotivating" and had "dampened" office morale.
The firm has implemented aggressive
cost-cutting measures
, including slashing staff travel and expenses by over 50% in October 2024. Deloitte's global revenue grew just 3.1% to $67.2 billion in 2024, a sharp deceleration from the previous year's 14.9% increase.
Despite the challenges, a Deloitte spokesperson emphasized the firm remains committed to "salary increases, bonuses, and promotions" alongside enhanced benefits packages.
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Hans India
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Time of India
an hour ago
- Time of India
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Review your portfolio regularly for inflation, returns, and life changes, and secure protection via an emergency fund, health and life insurance. For a tailored strategy, consult a Sebi-registered investment response beats ChatGPT with a realistic 12% return, tailored Rs.1.2–1.3 lakh SIP, and phased debt shift, offering personalised review over generic Malhotra, a trader based in Gurugram, has been using AI chatbots for both trading and long-term investing. 'AI has been beneficial,' she says, but only because she knows exactly what to ask. 'I don't rely on it to collect data. I feed it my thought process and detailed prompts. That's when it works best.' According to her, tasks that took 6-8 months can now be done in 10-15 days. AI helps her with analysis, strategy optimisation for slippages, market correction calculations, and fundamental stock analysis. But forecasting and anticipating market behaviour is still on can't replace humans, she says, but it can complement them. A blend of expert insight and AI support works far better than relying on AI alone. Humans have certain limitations when it comes to computation, like having a bias towards a specific asset these limitations, the finance industry is already adopting AI to boost efficiency. "GenAI is transforming financial planning and wealth management by streamlining research, surfacing insights, portfolio management, compliance and risk management and enhancing decision-making. Microsoft Copilot is helping users track expenses, summarise financial statements, and explore budgeting scenarios," says Sonali Kulkarni, Country Head, BFSI, Microsoft India and South advisers, too, are using AI to offer more customised solutions. Earlier,advisers used to give recommendations based on what they knew. Now, they are able to cross-check their recommendations,h says Sadique Neelgund, Founder & CEO, Network FP. 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Users can now install a Model Context Protocol (MCP) enabling them to interact with their trading accounts via simple queries instead of using the traditional interface. For instance, you can pull your account data, run various types of analysis, do a cash flow breakdown, figure out your net worth, or identify action points. However, Bhuvanesh R, VP, Business Analysis, Zerodha, cautions that it's not meant for advisory. 'Advice is one outcome of this. It is not an advisory tool or advisory product. If you ask for advice, it will give it, but it may or may not be reliable,' he says. Adoption is still too limited to assess its actual value depends. 'You need to have a basic grasp of financial concepts to ask the right questions. If you expect to outsource all your finances to AI, it may not work,' adds Bhuvanesh from Zerodha. If you are a beginner with no knowledge, at best you can take help to manage your household budget or behavioural aspects of your decision. 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For now, the most astute investors are using AI as a tool, rather than a replacement for trusted financial one or more of the 12 points below that apply to you9-12 ticks You can use AI effectively as an assistant, with some human advice when needed.5-8 ticks Use AI only for simple tasks (like budgeting or tracking). Rely on a planner for investments.0-4 ticks Stick with a human adviser until you build more financial literacy.
Time of India
an hour ago
- Time of India
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Today brings deep feelings that may rise suddenly. You might find yourself more sensitive to words or actions around you. Do not let these emotions take you away from your inner peace. Stay grounded and do not overthink what others say. Let your mind be like still water, calm on the surface and deep inside. Your wisdom lies in holding space between emotion and reaction. Listen to your heart but do not let it pull you into confusion. Peace grows from patience. Aquarius Love Horoscope Today In love, emotional connection feels stronger, but it also needs balance. If you are in a relationship, talk honestly about what you are feeling but do not force your partner to agree. Understanding grows slowly. If single, you might meet someone who touches your heart deeply. Let things move naturally. Avoid emotional decisions that feel rushed. Gentle talks and silence both have meaning today. You will build true closeness when you stay calm and open, without losing your own grounding. Aquarius Career Horoscope Today At work, emotions may mix with your responsibilities, but stay focused on the task. You may feel hurt by someone's tone or feel unappreciated. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3/4/5 BHK Sea View Homes in Sewri by L&T Realty L&T_The Gateway Get Offer Undo Instead of reacting quickly, observe the situation from a calm space. Your ability to stay balanced will give you more control. A new idea may come when you are relaxed, so keep your mind open. Avoid discussing personal matters in office settings. Use your strong vision and sharp thoughts to finish pending tasks with clarity. Aquarius Money Horoscope Today Financially, you might feel worried about something, but avoid making money choices based on fear or emotion. Do not let stress lead you into overspending or giving in to pressure from others. A calm review of your budget can ease your mind. This is not a day for taking big financial risks. Trust your long-term plan and make small changes if needed. Give yourself space to think clearly. Stable money habits will bring you security, even if things feel slow now. Aquarius Health Horoscope Today Health today may be affected by emotional stress. You might feel tired without physical reason, or have trouble sleeping. Your body is asking you to release pressure and rest. Stay away from too much phone or computer time, especially late at night. Warm food, herbal tea, and a peaceful space will help you regain energy. Avoid loud or crowded places. Quiet time in fresh air or a few minutes of meditation will help bring your thoughts and feelings back into balance. Discover everything about astrology at Times of India , including daily horoscopes for Aries , Taurus , Gemini , Cancer , Leo , Virgo , Libra , Scorpio , Sagittarius , Capricorn , Aquarius , and Pisces . Read your detailed Horoscope Today and Horoscope Tomorrow here.
