Exclusive: Big Four giant KPMG to cut more jobs
Big Four giant KPMG is set to lay off around 10 per cent of staff in its UK group corporate services division, City PM understands.
The division, which includes HR, corporate affairs, marketing, tech, and procurement, is understood to be cutting around 200 people.
A KPMG UK spokesperson told City PM: “As we continue to integrate our UK and Swiss businesses to deliver on our group strategy and drive growth, we are looking at the shape of our operating model.”
“This includes launching proposals to reduce roles in our central services by 10 per cent to avoid duplication, make the most of our technology investments and to expand our offshore delivery. We will support our people throughout this consultation.”
KPMG UK and KPMG Switzerland partners voted “overwhelmingly” in favour of the merger, which officially went live on 1 October 2024.
Layoffs, after layoffs
The latest job cuts come as City PM revealed on Thursday that competitor PwC is set to slash its headcount in its UK audit division.
This follows KPMG, which axed more than 500 staff in its audit division earlier this year, including 440 assistant manager roles in the audit business (Grade D) and 120 roles across the advisory arm, affecting roughly 6 per cent of the division’s 7,100 employees.
For cuts in the audit section, the firm blamed the “current market conditions mean[ing] our attrition rates are very low within certain parts of our audit population, which is why we are proposing to right size those areas.” For its advisory department, the firm said at the time it blamed “the ongoing evolving market conditions” that meant roles would be reduced “following careful consideration.”
City PM revealed in May that there was internal anger over a lack of communication about those audit cuts. One source said there has been a lot of “mismanagement,” adding: “One minute, there is an email saying the business is doing well; the next, there is an email saying people will be laid off.”
KPMG is not alone. Layoffs are happening across most of the Big Four, with Deloitte in the headlines last month after it was revealed it was seeking to cut nearly 200 jobs in its UK audit business.