According to reports from the Financial Times and Bloomberg, Deloitte, one of the Big Four accounting firms, is planning a structural overhaul to reduce expenses in anticipation of an impending market slowdown. The firm aims to streamline its primary business divisions from five to four, consolidating units such as audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal. This move comes as part of Deloitte's efforts to modernize and simplify its strategy, as confirmed by a representative for the company to Bloomberg.
In a bid to enhance trustworthiness among stakeholders, Deloitte announced plans to introduce a new service in November 2023. This service aims to help businesses measure the extent of trust regulators, investors, customers, and the public place in them. Deloitte's initiative, which involves assessing the top 1,000 companies in India based on approximately 90 parameters related to stakeholder trust, underscores the growing importance of trust in the business landscape. The firm's study reveals that highly trusted companies tend to enjoy higher market capitalizations, indicating the potential benefits of prioritizing trust in navigating market volatility and geopolitical uncertainties.
