Contact: Deborah Harrington
Deloitte Services LP
Director, U.S. National Public Relations
+1 917 923-0286
New York, October 1, 2003 — Deloitte Touche Tohmatsu, the global professional services organization, announced today its tenth consecutive year of annual growth, with combined worldwide revenues from its member firms totaling US$15.1 billion, a 20.8 percent increase over FY2002 revenues of US$12.5 billion. Additionally, the global organization announced the launch of the new brand name “Deloitte” to highlight the value of its multidisciplinary organization. Today’s change means that the firms known in various national and global markets as Deloitte Touche Tohmatsu, Deloitte & Touche, and Deloitte Consulting, while retaining their local legal names, will now be known as the brand “Deloitte.”
William G. Parrett, global chief executive officer, said, “The FY2003 results are a testament to our people’s dedication and commitment to serving our clients, their stakeholders, and the capital markets. We accomplished this growth in a year that witnessed sweeping regulatory changes around the world — changes that altered the way our member firms conduct our business.”
Mr. Parrett added, “Our clients’ business challenges in this new environment are more complex than ever before and demand a greater understanding of both the detailed and long-range needs of our clients. The new brand name is a reflection of the greater capability and array of services that we can offer to clients as a multidisciplinary firm. The breadth of our vision and our ability to respond globally is more comprehensive than any other professional services firm.”
Mr. Parrett noted that in FY2003 revenue growth to US$15.1 billion as well as the increase of intellectual capital to some 120,000 people in nearly 150 countries reflect the execution of the firm’s long-term strategy.
In addition to strong overall growth, Deloitte regional member firms expanded substantially. Europe, the Middle East, and Africa saw 44 percent growth, Asia Pacific grew by 12 percent, and in the Americas, the national practices grew by 9 percent. Some milestones at Deloitte during the year included:
- William G. Parrett was elected global CEO effective June 1, 2003, and remains Senior Partner of the US member firm. Mr. Parrett had been the US Managing Partner. He succeeded James E. Copeland, Jr., who retired from the firm.
- The global organization made the decision to retain the consulting arm of the business, allowing Deloitte member firms to offer a wide range of services to clients to help them respond to the ever-increasing complexity of global business.
- Deloitte’s tax practices in Europe and North America took top honors in an International Tax Review annual survey of corporate tax directors, finance directors, and other corporate executives. The global firm was ranked #1 in Euromoney Legal Media Group's 2002 World's Leading Tax Adviser Survey.
- International Securitisation Report named Deloitte’s member firms as the world’s best securitization accounting firm. This honor was based on the magazine’s interviews with securitization professionals around the world, including issuers, subscribers, investors, and service providers.
- Deloitte was awarded the European Venture Capital Journal private equity accountancy firm of the year 2003.
- Deloitte continued to expand its reputation as an excellent place to work and the Employer of Choice in the profession globally, with accolades awarded to member firms in 22 countries. In the United States, Deloitte was named one of the Top 100 Companies to Work For by Fortune and Working Mother magazines for the sixth and tenth consecutive years, respectively. The US firm was also cited for its leadership in diversity and training. Other accolades include being named one of the “50 Best Companies to Work For” by the United Kingdom’s Sunday Times, France’s L’Expansion, and Germany’s Wirtschaftswoche. In Mexico and Argentina, Deloitte received similar honors as an excellent and socially responsible employer from Expansion Magazine and Mercado Magazine, respectively.
“We are now taking on new challenges and new opportunities to further the success of our global organization and to restore the public trust in our professions and our capital markets,” Mr. Parrett said. “Along with our multidisciplinary approach to client service, our position as a global employer of choice is one of our most important strategic advantages. I envision our member firms as taking the lead in setting a new standard of excellence, integrity, and quality, emerging as the premier brand in the marketplace.”
About Deloitte Touche Tohmatsu
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms (including their affiliates) deliver services in four professional areas: audit, tax, consulting, and financial advisory services. Our member firms serve over one-half of the world’s largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies.
Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” “Deloitte & Touche,” “Deloitte Touche Tohmatsu,” or other related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons certain member firms do not provide services in all four professional areas listed above.
