Deloitte loses Touche in name change
Deloitte & Touche will now be known simply as Deloitte, after the firm decided on Wednesday to follow the trend of single-name branding.
Link: Deloitte branches out
To ensure maximum exposure for its new brand name, the firm announced it at the same time as its global results, which showed a 20.8% increase in fee income on last year.
It reported strong overall growth with combined world revenues totalling $15.1bn (£9.1bn). The company’s growth in Europe, the Middle East and Africa increased by a phenomenal 44%, while Asia Pacific saw just 12% expansion.
Europe’s high growth rate can be partly attributed to the takeover of Andersen in the UK. Deloitte in the UK reported a massive 33% growth in annual revenue in July. The underlying growth rate was estimated to be between 5% and 10%.
John Connolly, global managing director and UK chief executive, said: ‘The UK firm contributed an exceptionally high growth rate, substantially influenced by the Andersen transaction in August 2002.’
The new name, the firm said, would highlight the value of its multi-disciplinary practice. William Parrett, global chief executive officer, said: ‘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.’
This is not the first time Deloitte has dabbled in a rebranding exercise.
Last year, it attempted to rename its consulting arm Braxton. However, the decision was reversed and it continues to be known as Deloitte Consulting.
