KPMG cuts 110 jobs in UK deal advisory division
KPMG, one of the Big Four auditing firms, is set to cut around 110 jobs and freeze pay in its UK deal advisory business. This move will affect nearly 7% of the division's 1,700 employees. The challenging economic environment has led to a slowdown in several markets, including the deals market, causing some clients to hold off or postpone projects.
KMPG launched a separate consultation process to cut jobs
KPMG started a separate consultation process last month to potentially cut up to 125 jobs in its consulting business. The company had earlier this year warned that its bonus pool for employees was likely to shrink compared to the previous year. These job cuts come a week after KPMG was hit with a record £21 million fine (nearly Rs. 212.34 crore) by the auditing watchdog over its work for the collapsed outsourcing firm Carillion.
Challenging economic environment
A spokesperson for KPMG UK has stated that challenging economic conditions have led to a slowdown in several markets, notably the deals market. These challenges have affected demand, prompting some clients to delay or suspend projects. Consequently, the company has made the tough choice to propose a reduction in staff in specific areas of its business. "Our people are at the heart of our firm and our priority is to support them throughout this consultation," said the spokesperson.
