Deloitte ascends to become the largest private professional services organization worldwide

Deloitte Touche Tohmatsu Limited (DTTL) is proud to announce that its member firms have risen to become the largest private professional services organization in the world for the first time in the organization’s history. 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 31 May 2010, Deloitte had aggregate member firm revenues of US$26.578 billion (US$26.6B) and employed approximately 170,000 people worldwide, including nearly 35 percent in priority markets.

“When Deloitte Haskins & Sells and Touche Ross & Co. merged in 1989 to form our modern organization, 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 organization. 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 organization 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 organization 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. 

Investment allocation 

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 in the following priority markets: Brazil, China, India, Japan, Middle East, Russia, and Southeast Asia, as well as a number of European countries.
• Approximately US$400 million toward developing the capabilities of Deloitte people across the global network to support client needs in this changing landscape. This includes a US$300 million Deloitte U.S. investment in Deloitte University, a state-of-the-art learning and development facility scheduled to open near Dallas, Texas, in 2011. Further, Deloitte plans to hire more than a quarter of a million people during the next five years.
• More than US$100 million into “As One,” Deloitte’s new organization-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 committed to Deloitte Audit. Audit is a fundamental element of the member firm network’s portfolio, and investment funds continue to be prioritized toward enhancing audit quality, technology, and methodology in response to regulatory, economic, and other factors influencing the profession.

Other investments will go into member firm partner training and development programs.
“As the global marketplace shifts and the business landscape continues to be redefined, Deloitte is focused on building the scale and breadth required to address their clients’ most complex challenges, and on helping clients capitalize on emerging business opportunities,” said Manoj Singh, Global Managing Director, DTTL Operations. 

The new “As One” strategy will focus on expanding Deloitte’s presence and scale, paying specific attention to priority markets and committing to borderless execution. A large portion of the “As One” investment will go into extending member firm client service capabilities, including transforming delivery models through technology, extending and growing global market offerings (e.g., analytics), and identifying innovative business opportunities. The “As One” strategy will also focus on growing Deloitte’s priority and strategic markets, including China and India.

“The real power of the Deloitte ‘As One’ strategy is when member firms combine their skills and work in teams across borders to deliver an unbeatable client service experience,” said John Connolly, DTTL Chairman and Deloitte United Kingdom CEO. ‘As One’ is a differentiator; it brings together all of our people from around the world who practice under the Deloitte name.”

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