Deloitte's Strategic Cost Reduction Initiative

Deloitte Touche Tohmatsu Limited, one of the world's largest professional services networks, is set to halve its travel and expense budget in the UK. This move, revealed in a senior staff and directors email accessed by Financial Times in October, is in response to "challenging market conditions" within the professional services sector.

The cost-cutting measures, targeting travel and entertainment expenses, are temporary and minimally disruptive. They are part of broader efforts to preserve partner profits during a sector slowdown. The reductions are scheduled to last until May 2025.

Sarah Humphreys, chief operating officer of the tax and legal division, mentioned in the email that the firm is also considering further cuts in "recruitment agency costs, licence fees, bad debts, and global recharges."

Notably, Deloitte has already made significant workforce adjustments as part of its strategic cost management initiative.