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your best feature? I’ll go first, my hugeeeeee heart
For being the cringiest

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Look for other jobs. Deloitte is cheap and would always remain cheap
All aboard the facts train
How underpaid are we talking about here? Finding another job with a 200k+ salary could be tough in this economy so it may be better to wait until the next cycle (assuming your employer allows negotiation). Ideally you'd want some sort of comparable or other offer to negotiate...
For reference I was a tech manager at D in the US making $190k USD or $244k CDN. Plus a few thousand bonus. (Peanuts). So yeah you’re underpaid and should move to the US. Where I’m at now at AMZN I have a friend that is 30 and makes $600k USD as a site lead and he just has a communications and history BA from some unknown state school. He’s not particularly smart either, just a regular guy but likable. Just puts it into perspective for you.
That blows. Did they do this to everyone? If not, you could push and highlight that it should either be all or nothing. Also would like to know are we talking like 10K or 50k?
D3 I like where you are going with this. I was 67th percentile of the M salary band and with the raise I got, I’m 17th percentile of the SM band. Perhaps I should know this, but is there a certain percentile I should have expected to be at given where I was in my previous band? I recognize that ranking, metrics, YoE, etc. all factor in.
At least they didn’t tell you ‘we know you’re underpaid, but we promoted many people mid year and there was no budget left, so here’s a 0% raise’