Deloitte restructures in Europe
Deloitte has restructured its European firms, with Greece, Italy and Malta joining the existing Deloitte North West Europe (NWE) partnership to form Deloitte North and South Europe (NSE)
14 Jun 2019
The new grouping is now the second largest member firm in the Deloitte network, with over 45,000 people in 13 European countries, although Germany and Spain still remain independent of this grouping.
The move comes as the Big Four firm confirmed that Richard Houston is taking over as senior partner and chief executive, succeeding David Sproul. He was previously managing partner for Deloitte’s NWE and UK consulting businesses, and has over 20 years’ experience in the professional services industry.
Houston said: ‘Our move to create Deloitte NSE reinforces our commitment to cross-border collaboration so we can better serve our clients, open up more opportunities for our people, and make an impact in our communities.
‘It’s clear that this is a time of great change, with a volatile economic landscape, technological disruption and regulatory scrutiny.
‘This has been particularly apparent over the past 12 months, with various reviews into the UK audit market. I’m under no illusion that change and reform are needed and expected and we are deeply engaged in that debate.’
The original Deloitte NWE grouping had 10 members led by the UK as the largest firm, with Belgium, Denmark, Finland, Iceland, Ireland, Netherlands, Norway, Sweden and Switzerland. NWE has promoed 161 people to partner, including 78 partners in the UK.
Of the newly appointed UK partners, 32 (41%) are women. This marks a near threefold increase in female promotions from last year and takes Deloitte’s female partners to 223 (21%). Eight new partners are from BAME backgrounds, equating to just over 10% of the promotions.
Overall, the UK firm’s audit & assurance business has promoted 14 new partners, with 12 in risk advisory, 13 in consulting, 23 in tax, 13 in financial advisory and three in central management. A third of promotions (25) are based outside London. The number of UK partners overall now stands at 1,070. Deloitte also recruited an additional 38 new external hires at partner level in the UK during the financial year from June 2018 to the end of May 2019.
Houston has appointed a new UK executive, saying: ‘One of the objectives of my executive team will be to empower and support the partnership in growing our UK business for the long term. They will also focus on ensuring our purpose is central to the decisions we make and the work we do, helping our people understand the difference they can make for clients and our communities.
‘We will continue to develop our regional presence – just last month we opened our new Tech Foundry in Reading, where we expect to create 350 new positions over the next few years.’