Despite a weak economy and post-Enron pressures on its consulting business, Deloitte Touche Tohmatsu (DTT) reported net worldwide revenue growth of 1% for the fiscal year ending May 31, 2002. Revenues in services other than consulting grew 4.5%.
Deloitte's major milestones and achievements for the year include:
- The successful return after 11 months of more than 3,000 partners and staff to the U.S. national practice's New York office at the World Financial Center, which was damaged in the terrorist attack of September 11, 2001. Deloitte was the only Big 4 firm with an office located in lower Manhattan.
- The difficult decision to separate Deloitte Consulting (soon to be Braxton) in acknowledgment of marketplace reaction to the post-Enron environment.
- The addition of 263 new global multinational company audit clients, each with revenues in excess of $1 billion. DTT national practices now provide professional services to more than half of the world's Global 1,000 companies.
- The attraction of approximately 23,000 people from Andersen practices in more than 20 countries to the DTT network.
"Overall this has been an extraordinary year," Deloitte Chief Executive Jim Copeland told Reuters. "I don't know the profession has ever faced a year quite like this one." Altogether, Deloitte's global revenues amounted to $12.5 billion for the year. Mr. Copeland also reportedly told Reuters that the firm has lost over $100 million in revenues because companies chose not to accept consulting services from their auditor.
On balance, though Mr. Copeland is still optimistic for the future. "Deloitte has emerged from the chaos of 2002 in the best competitive position in our 150-year history," he said. "Going forward, Deloitte will continue its leadership in protecting and serving our first client - the public interest - and helping to restore and maintain investor confidence in global capital markets. We're about to embark upon the most exciting era in the history of our profession."