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| Coronavirus: Deloitte scraps summer internship scheme | Coronavirus: Deloitte scraps summer internship scheme |
| (about 4 hours later) | |
| "Big four" accountancy firm Deloitte has scrapped its summer internship scheme for students as it looks to cut costs during the coronavirus crisis. | "Big four" accountancy firm Deloitte has scrapped its summer internship scheme for students as it looks to cut costs during the coronavirus crisis. |
| Candidates will be handed a £500 "goodwill payment", which is a sixth of the amount some would have earned over the summer. | Candidates will be handed a £500 "goodwill payment", which is a sixth of the amount some would have earned over the summer. |
| Instead, the 350 university students who were offered a place on the scheme will be able to join an online training programme. | Instead, the 350 university students who were offered a place on the scheme will be able to join an online training programme. |
| Deloitte said safety was its priority. | Deloitte said safety was its priority. |
| "In light of the ongoing Covid-19 pandemic, we are inviting students who were due to take part in the firm's summer vacation scheme to take part in a voluntary four-week virtual mentorship programme instead," the accountancy firm said in a statement. | "In light of the ongoing Covid-19 pandemic, we are inviting students who were due to take part in the firm's summer vacation scheme to take part in a voluntary four-week virtual mentorship programme instead," the accountancy firm said in a statement. |
| Pay cuts | Pay cuts |
| Last month, the head of Deloitte in the UK told staff that partners at the firm would have their pay cut by about a fifth. | Last month, the head of Deloitte in the UK told staff that partners at the firm would have their pay cut by about a fifth. |
| In a blog, Richard Houston said there would be no annual salary increases, while bonuses would be slashed and put back to later in the year. | In a blog, Richard Houston said there would be no annual salary increases, while bonuses would be slashed and put back to later in the year. |
| "As part of this package of actions, partner annual earnings are expected to decline by around 20% and we have deferred profit distributions," he said, adding that the moves were the right thing to do to "protect jobs and our business for the foreseeable future". | "As part of this package of actions, partner annual earnings are expected to decline by around 20% and we have deferred profit distributions," he said, adding that the moves were the right thing to do to "protect jobs and our business for the foreseeable future". |
| The firm also offered staff the option to reduce their working hours. Rivals EY, PwC and BDO have also cut some salaries. | |
| Candidates on the summer programme were told of Deloitte's plan to scrap the scheme during a webinar. | Candidates on the summer programme were told of Deloitte's plan to scrap the scheme during a webinar. |
| The internship typically lasts between two and six weeks, depending on which part of the firm candidates join. | The internship typically lasts between two and six weeks, depending on which part of the firm candidates join. |
| It is designed for students on undergraduate courses or those about to start a master's degree. | It is designed for students on undergraduate courses or those about to start a master's degree. |
| Deloitte gave some details of the four-week online course on offer. | Deloitte gave some details of the four-week online course on offer. |
| "Undergraduate students will be given a mentor throughout the programme and the opportunity to work alongside Deloitte employees, develop their skills and learn more about a career at Deloitte," a spokeswoman said. | "Undergraduate students will be given a mentor throughout the programme and the opportunity to work alongside Deloitte employees, develop their skills and learn more about a career at Deloitte," a spokeswoman said. |
| Rival PwC told the BBC that 400 undergraduate students who were due to join its internship programme over the summer had been offered a guaranteed position on its graduate training programme, starting in autumn 2021. | Rival PwC told the BBC that 400 undergraduate students who were due to join its internship programme over the summer had been offered a guaranteed position on its graduate training programme, starting in autumn 2021. |
| "This means these students will enter their final year of university knowing that they have a guaranteed job at the end of their studies, in what could be a challenging environment for new graduates," a spokeswoman said. | "This means these students will enter their final year of university knowing that they have a guaranteed job at the end of their studies, in what could be a challenging environment for new graduates," a spokeswoman said. |