Joseph Ucuzoglu – Global CEO of Deloitte

This slowdown is largely attributed to a sharp decline in consulting services demand, particularly in the Americas and Asia. The consulting division, which contributes over 40% of Deloitte’s revenue, experienced a significant drop in growth compared to previous years.

While Deloitte saw its strongest growth in Europe, the Middle East, and Africa, its largest region, the Americas, witnessed a dramatic deceleration. The Asia-Pacific region appears to have experienced flat or even negative growth.

Deloitte’s performance echoes the challenges faced by other Big Four firms, as a tough economic climate prompts businesses to cut spending. Rivals EY, KPMG, and PwC also anticipate reporting slower growth this year.

Despite the overall slowdown, Deloitte’s tax & legal division emerged as its fastest-growing business line. The firm is currently undergoing a restructuring process aimed at streamlining operations and reducing costs.