FT News Briefing The Big Four’s year of layoffs
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Dec 11, 2023 Emmanuel Macron faces challenges with French immigration reforms. There's a concerning decline in global student achievement, particularly in maths and reading since 2018, impacted by the pandemic. India's stock market is on track to surpass Hong Kong, marking a significant shift. Meanwhile, Shohei Ohtani makes headlines by signing a groundbreaking $700 million contract with the Los Angeles Dodgers. These topics intertwine economic shifts, education, and sports, highlighting a dynamic global landscape.
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Big Four Layoffs
- The Big Four accounting firms (Deloitte, KPMG, PwC, and EY) are experiencing layoffs due to a decline in M&A activity and economic uncertainty.
- This situation is worsened by lower-than-expected staff turnover, leading to overstaffing and multiple rounds of job cuts.
Consulting vs. Audit
- Layoffs at the Big Four firms highlight the cyclical nature of the consulting business, which is heavily affected by economic fluctuations.
- In contrast, the audit business tends to remain stable, providing a more consistent profit stream.
India's Stock Market Rise
- India's stock market is poised to become the world's seventh-largest, surpassing Hong Kong.
- This reflects growing investor confidence in India's economic prospects, while Hong Kong's market has declined due to China's economic struggles.