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Deloitte targets accelerated growth with additional €200m investment in the creation of North West Europe firm
Zurich, 4 October 2016
- Investment will focus on clients, talent and building capability.
- Combined firm will generate over €5bn of revenue with 28,000 partners and staff.
Deloitte today announces that its Belgian, Danish, Dutch, Finnish, Icelandic, Norwegian and Swedish member firms will combine with the UK and Swiss firm to create Deloitte North West Europe. The move will see Deloitte invest an additional €200m over the next three years in its capabilities across the region to enhance its service to its global, national and private market clients and to create the best development opportunities for its people. Deloitte North West Europe will come into effect on 1 June 2017 and will have 28,000 partners and people, generating over €5bn in annual revenue.
David Sproul, Deloitte’s UK chief executive and chief executive-elect of Deloitte North West Europe, said: “This is a bold move which reflects our growth ambitions. Europe is already the fastest growing region for Deloitte and we believe that by combining across these markets we will further increase the growth potential of Deloitte regionally and globally, as well as our ability to influence positively the growth of our clients.”
“Deloitte North West Europe will combine the breadth and depth of capabilities of eight market leading member firms. The investments we are making will allow us to better serve the needs of our clients who are operating in a more globally connected way than ever before, and continue our relentless focus on quality. It will also allow us to offer career development opportunities for our people, helping us to attract, develop and retain the very best talent across the region.”
Punit Renjen, Deloitte Global CEO, said: “Our strategy is to deliver services to clients as one seamless global organisation. In addition to expanding our capabilities, expertise and insights, our increased scale will enable us to accelerate investments in the types of innovations that transform and advance our clients’ business.”
Deloitte North West Europe will account for approximately 20% of all revenue within Deloitte’s global network.
Globally Deloitte has more than 244,400 professionals at member firms delivering services in audit, tax, consulting, financial advisory, risk management, and related services in more than 150 countries and territories. Revenues for fiscal year 2016 were US$36.8bn.
Commenting on the impact on the Swiss market, Simon Owen, Deloitte Switzerland’s chief executive, added: “The creation of Deloitte North West Europe reflects our growth ambition in the Swiss market. Since the combination of the UK and Swiss member firms nine years ago, we have seen our business go from strength to strength. Investments in talent, increased access to a broader set of capabilities and stronger delivery collaboration between the two firms has helped us deliver, year after year, double digit percentage revenue and profit growth. It has also helped shape a business approaching 2,000 professionals working seamlessly across competency and industry. We have learnt that this connected autonomy model works both for the benefit of our Swiss clients and our respective firms, and this knowledge will be invaluable as part of the larger North West Europe member firm.”
“Deloitte is privileged to serve a wide and varied portfolio of national and international clients in Switzerland. The new North West Europe structure will provide us with better access to an abundance of knowledge and talent from across the geographies to offer to our clients. For our people, it promotes further opportunities for career development and international mobility, working seamlessly for our clients on cross-border projects solving their most complex challenges.”
About Deloitte in Switzerland
Deloitte is a leading accounting and consulting company in Switzerland and provides industry-specific services in the areas of Audit & Risk Advisory, Consulting, Financial Advisory and Tax & Legal. With nearly 1,700 employees at six locations in Basel, Berne, Geneva, Lausanne, Lugano and Zurich (headquarters), Deloitte serves companies and institutions of all legal forms and sizes in all industry sectors. Deloitte AG is a subsidiary of Deloitte LLP, the UK member firm of Deloitte Touche Tohmatsu Limited (DTTL). DTTL member firms comprise of over 225,000 employees in more than 150 countries.
Note to editors
In this news release, Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.com/ch/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte AG is a subsidiary of Deloitte LLP, the United Kingdom member firm of DTTL. Deloitte AG is an audit firm recognised and supervised by the Federal Audit Oversight Authority (FAOA) and the Swiss Financial Market Supervisory Authority (FINMA).
Deloitte North West Europe refers to Deloitte North West Europe LLP, which will come into effect on 1 June 2017 as a member firm of DTTL.
The information contained in this news release is correct at the time of issuance.