Deloitte Luxembourg in the 1990s

As the 1990s began, Luxembourg was entering a decisive phase of economic maturity. The rapid growth of the financial sector, increasing internationalisation and the emergence of new regulatory demands were reshaping the country’s professional landscape.

For Fiduciaire Générale de Luxembourg (FGL), the decade would prove equally transformative, marked by leadership transitions, structural reform and deeper integration into a global professional services network.

A changing firm in a changing economy

At the turn of the decade, FGL stood as a well-established player in Luxembourg’s accounting and auditing market, employing around 180 people.

The year 1990 marked the retirement of Rodolphe Gerbes after a career spanning four decades, followed in 1991 by the retirement of another founding figure, René Schmitter. These departures symbolised a generational transition, as the firm prepared to adapt to a rapidly evolving professional environment.

At the same time, Luxembourg itself was becoming more complex. The financial centre continued to expand, attracting international banks, investment funds and corporate structures. This growth brought opportunity, but also heightened expectations around governance, transparency and professional standards.

Laying the foundations for growth

In 1991, FGL entered a new chapter with the creation of Deloitte & Touche Consulting, a separate entity dedicated to management consulting. This move reflected a growing recognition that consulting, audit and accounting required distinct approaches in terms of skills, training and organisational models. It also mirrored broader developments within the global Deloitte network and the Luxembourg market, where demand for advisory services was increasing.

Internally, the firm invested in communication and cohesion. The launch of FiduScope, FGL’s internal newsletter, helped strengthen information-sharing and reinforce a sense of collective identity at a time of growth and change. What began as a printed publication would later evolve into digital communication via the firm’s intranet.

By the mid-1990s, FGL’s headcount had surpassed 320 employees. The firm continued to attract new partners while managing natural turnover within its leadership ranks, clear evidence of sustained growth and renewed momentum.

Strategy, structure and professional ambition

The early 1990s also saw FGL adopt its first formal three-year strategic plan, covering the period from 1992 to 1994. The ambition was clear: to establish FGL as the leading accounting, auditing, tax and consulting firm serving the Luxembourg market, combining strong local roots with international expertise.

This strategic focus aligned closely with developments in the wider economy. As Luxembourg strengthened its position as a European financial hub, clients increasingly sought integrated services, technical excellence and access to global know-how. FGL responded by broadening its service offering and investing in skills, technology and international cooperation.

In 1997, these efforts culminated in a fundamental restructuring of the group. A clearer organisational framework was introduced, grouping activities into dedicated entities aligned with core service lines such as audit, tax, consulting, accounting and corporate services. The reform simplified governance, improved operational efficiency and reinforced alignment with the Deloitte & Touche Tohmatsu global model.

Alongside organisational change, the 1990s were marked by far-reaching regulatory reform in Luxembourg. New laws reshaped the accounting, auditing and financial services professions, underscoring the country’s commitment to maintaining its reputation as a trusted international financial centre. Stricter obligations for bank auditors, enhanced anti-money laundering measures and updated ethical guidelines raised professional standards across the sector.

In 1999, comprehensive legislation finally provided Luxembourg’s public accounting profession with a clear legal framework, reinforcing confidence among clients and regulators and creating a stable environment in which firms such as FGL could continue to grow.

Entering a new millennium

As the decade drew to a close, globalisation accelerated. Multinational clients expected consistent quality of service across borders, and professional services firms were forced to rethink traditional national structures.

In response, Deloitte launched its “Vision 2000” programme, aiming to transform the organisation from a federation of national firms into a more integrated global partnership. Luxembourg played an active role in this process. In April 1999, Deloitte Luxembourg joined its peers in signing the Alignment Agreement, committing to shared strategies, methodologies and governance principles.

By June 2000, firms representing the majority of global revenues had completed financial integration, marking a decisive step towards a truly global firm. For FGL, this integration reinforced its international reach while preserving its strong local presence and partner ownership model.

By the dawn of the new millennium, FGL—operating alongside Deloitte & Touche—offered the broadest range of professional services in its history. With strengthened governance, a modern organisational structure and deep roots in both Luxembourg and the global Deloitte network, the firm was well positioned to support clients navigating an increasingly complex world.