Deloitte will cut around 1,200 jobs or 1.5% of its U.S. workforce, the Financial Times reported on Friday, citing internal employee communications.

The layoffs at the auditing firm will be higher in areas such as the financial advisory business, which has been affected by a slump in merger and acquisition activity, the newspaper said.

Earlier this week, Deloitte’s rival Ernst & Young said it was shedding 5% of the workforce at its U.S. arm, less than a week after the unit’s objection torpedoed the global accounting giant’s plan to break up its audit and consulting units.

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“Our U.S. businesses continue to experience strong client demand. As growth in select practices moderates, we are taking modest personnel actions where necessary,” Deloitte said in an emailed statement to Reuters.

Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units.

Deloitte is part of the Big Four accounting firms that include EY, KPMG and PricewaterhouseCoopers.