Deloitte has launched redundancy process that could affect up to 100 people as it looks to save costs in a tough market for major consulting firms, according to a report by the Financial Times.

The cuts could affect 5% of the Big Four accounting firm’s UK financial advisory business, putting up to 100 jobs at risk, according to a person familiar with the situation.

A spokesperson from Deloitte UK said in a statement: “We are considering restructuring parts of our advisory corporate finance business. This is in order to concentrate on larger, sector-focused M&A activity. As a consequence, we are proposing to close some parts of that business.

“We will consult on this with people in these teams over the coming weeks. This will undoubtedly be an unsettling time for those affected and we will be doing everything we can to support them.”

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By GlobalData