The decision stems from a comprehensive review, leading to considerations for restructuring its advisory corporate finance business. The restructuring will concentrate on larger, sector-focused mergers and acquisitions, prioritizing areas such as industrials, business services, healthcare and life sciences, and technology, media, and telecoms.

A Deloitte spokeswoman explained that the proposed changes involve closing certain segments of the business, impacting employees across all grades. This constitutes about 5% of its UK financial advisory business and less than 0.5% of the total UK firm.

Deloitte has said it will consult with affected teams over the coming weeks and is also actively seeking alternative roles for those at risk of redundancy.

The decision follows a challenging year for the UK in the international mergers and acquisitions market. PwC reports a 17% decline in the number of M&A deals (4,362) and a 41% decrease in total transaction value (£88 billion) in the UK in 2023. Globally, the number of deals signed off fell by 6% to 54,656, The Times reports.