Deloitte becomes largest private professional organisation worldwide
Deloitte Touche Tohmatsu Limited’s member firms have risen to become the largest private professional services organisation in the world.
With this milestone, Deloitte surpasses all competitors in the private professional services category to become the market leader based on revenue and headcount. As of the fiscal year ended May 31, 2010, Deloitte had aggregate member firm revenues of $26.578 billion and employed approximately 170,000 people worldwide, including nearly 35 per cent in priority markets.
“When Deloitte Haskins & Sells and Touche Ross & Co. merged in 1989 to form our modern organisation, we were the smallest of what was then the Big Eight. Over the years, our goal was never to be the largest- we have always aimed to be the best, to be the standard of excellence,” said DTTL Global CEO Jim Quigley
“Deloitte professionals have pursued that goal by consistently delivering high-quality, world-class client service and demonstrating a strong focus on responsible business practices. Their commitment and dedication to living our values-based culture have transformed Deloitte into the world’s number one private professional services organisation. This is a defining moment in our history.”
Over the years, Deloitte has consistently closed the gap and widened the lead among its major competitors.
In fact, over the last five years, Deloitte was the fastest-growing private professional services organisation based on total revenue among the Big Four. During the period from 2005-2009, Deloitte outgrew its peers by 2.7 to 3.3 percentage points annually. The organisation has achieved its leadership position through a combination of organic growth, strategic acquisitions, a focus on quality, and bold investments in priority and emerging markets.
“Our own growth in Malta has been spectacular over the past few years,” said Paul Mercieca, managing partner of Deloitte Malta. “We have doubled our revenues during the period 2005 to 2009 and we look to the future with great optimism and confidence.”
To continue this growth momentum, DTTL and its member firms have committed more than US$1 billion in strategic investments over five years. These investments include introducing innovative new services and multidisciplinary offerings, expanding capabilities in selected emerging and priority markets to serve clients, hiring new talent, and developing the capabilities of Deloitte people worldwide. Highlights are noted below:
More than US$500 million is to be invested in Brazil, China, India, Japan, the Middle East, Russia, and Southeast Asia, as well as a number of European countries.
Approximately US$400 million will go towards developing the capabilities of Deloitte people across the global network to support client needs in this changing landscape. This includes a $300 million Deloitte US investment in Deloitte University, a state-of-the-art learning and development facility scheduled to open near Dallas, Texas, in 2011. Deloitte also plans to hire more than a quarter of a million people during the next five years.
More than US$100 million is targeted at “As One,” Deloitte’s new organisation-wide business and operational strategy. The “As One” strategy is designed to respond to clients’ increasingly complex needs, and to enhance the member firm network’s ability to seamlessly deliver world-class services across geographic and business borders.
More than $300 million has been committed to Deloitte Audit. Audit is a fundamental element of the member firm network’s portfolio, and investment funds continue to be prioritised toward enhancing audit quality, technology, and methodology in response to regulatory, economic, and other factors influencing the profession.