The sugar rush is over: The Big Four must wake up from their pandemic dream

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Photo by Matteo Della Torre/NurPhoto via Getty Images The pandemic was the worst thing that could have happened to the Big Four giants and the overall consultancy market. At the time, these firms were...

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At the time, these firms were...</p>\n\n<a href=\"https://www.cityam.com/the-sugar-rush-is-over-the-big-four-must-wake-up-from-their-pandemic-dream/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1894683348.USD","symbol_name":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","start_time":0,"source_url":"https://www.cityam.com/the-sugar-rush-is-over-the-big-four-must-wake-up-from-their-pandemic-dream/","article_id":"2671278354","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2026/09/GettyImages-2248394375-2.jpg?w=286&h=161&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/the-sugar-rush-is-over-the-big-four-must-wake-up-from-their-pandemic-dream/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2671278354","pubTimestamp":1790744400,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"Slower growth, higher stakesWe are at the start of the financial results season for these giants. PwC UK was the first to reveal its results for the year ended 30 June 2026, showing 2 per cent growth in UK revenue; profit per partner  rose slightly, but group revenue slipped due to the Middle East conflict. On Wednesday, Deloitte’s UK arm reported its revenue wasup 2 per cent to 5.81bn as its advisory arms returned to growth. Last week, Deloitte reported global revenues of $74.5bn , a 3.8 per cent increase from the previous year. Its results were weighed down by its consulting department, which showed growth slowed to 2.5 per cent, down from 4.7 per cent.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","BK4581":"高盛持仓","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","IE00B3T34201.USD":"BNY MELLON GLOBAL EQUITY INCOME \"B\" (USD) INC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","PEP":"百事可乐","BK4566":"资本集团","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1929549753.HKD":"FRANKLIN INCOME \"A\" (HKD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","BK4504":"桥水持仓","BK4177":"软饮料","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","BK4588":"碎股","BK4550":"红杉资本持仓","FTXG":"First Trust Nasdaq Food & Beverage ETF"},"translate_title":"糖热已经结束：四大必须从大流行梦中醒来","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FTXG":0.6,"PEP":1},"content_text":"Photo by Matteo Della Torre/NurPhoto via Getty Images The pandemic was the worst thing that could have happened to the Big Four giants and the overall consultancy market. At the time, these firms were flying high, flooded with inquiries from businesses needing help to navigate the ‘once-in-a-lifetime ‘ event, but this ‘sugar rush’ didn’t last forever, and it gave the industry a false hope of double-digit growth, writes Maria Ward-Brennan. It may seem like a lifetime ago, but perfectly respectable single-digit revenue growth was once the norm for the UK’s Big Four giants as they gradually built out their advisory departments. However, when the country went into a standstill during the pandemic and businesses were brought to a halt, the chaos actually benefited the firms and saw them bulking up their consultancy arms.It became something of a golden era for these giants. The financials highlighted this growth, with firms posting massive double-digit growth. The industry was giddy from its ‘sugar rush’. The workload was so high that the headcount also exploded, but spare a thought for those HR teams at the time; the onboarding would have been a full-time job in and of itself.\n\nBut like all moments of splurging, there comes a moment when the purse strings are pulled shut, and unfortunately for these firms it came at the same time the AI craze met a stagnant economy.Since then, we’ve covered multiple reports of layoffs at the Big Four following a period where over-hiring collided with people not leaving, as job roles in the market are limited. These headlines aren’t going away, with the latest revelation being KPMG’s plan to cut 200 jobs from its advisory business.\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBut as the Big Four firms scramble to steady the ship, the sector may need to pull back from comparing itself to its ‘golden era’ and start measuring itself against pre-pandemic levels, and even against the wider British economy.\n\nSlower growth, higher stakesWe are at the start of the financial results season for these giants. PwC UK was the first to reveal its results for the year ended 30 June 2026, showing 2 per cent growth in UK revenue; profit per partner (PEP) rose slightly, but group revenue slipped due to the Middle East conflict. On Wednesday, Deloitte’s UK arm reported its revenue was up 2 per cent to £5.81bn as its advisory arms returned to growth. Last week, Deloitte reported global revenues of $74.5bn (£56.37bn), a 3.8 per cent increase from the previous year. Its results were weighed down by its consulting department, which showed growth slowed to 2.5 per cent, down from 4.7 per cent.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}