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FinanceKPMG to cut around 200 jobs in UK corporate services division
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Big Four accounting firm KPMG is set to lay off approximately 10% of staff in its UK group corporate services division, affecting around 200 roles in HR, corporate affairs, marketing, tech, and procurement. The cuts are part of a restructuring following the merger of KPMG UK and KPMG Switzerland, which went live on 1 October 2024. A KPMG UK spokesperson said the firm is looking to avoid duplication, make the most of technology investments, and expand offshore delivery. This follows earlier layoffs of over 500 staff in KPMG's audit and advisory divisions earlier this year. The article notes that similar job cuts are occurring across other Big Four firms, with Deloitte recently seeking to cut nearly 200 jobs in its UK audit business.
Source report
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Big Four accounting firm KPMG is set to lay off approximately 10 per cent of staff in its UK group corporate services division, City AM has learned.
The division — which includes HR, corporate affairs, marketing, technology, and procurement — is understood to be cutting around 200 roles.
Company Statement
A KPMG UK spokesperson told City AM:
"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 — whose partners voted "overwhelmingly" in favour of a merger — officially combined on 1 October 2024.
Layoffs, After Layoffs
The latest job cuts follow a series of earlier redundancies at the firm:
- Audit division: More than 500 staff were cut earlier this year, including 440 assistant manager roles (Grade D) in the audit business.
- Advisory arm: 120 roles were eliminated, affecting roughly 6 per cent of the division's 7,100 employees.
For the audit cuts, the firm cited "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 the advisory reductions, the firm said "the ongoing evolving market conditions" meant roles would be reduced "following careful consideration."
City AM revealed in May that there was internal anger over a lack of communication about those audit cuts. One source described significant "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."
Broader Industry Context
KPMG is not alone in making cuts. Layoffs are occurring across most of the Big Four. Deloitte made headlines last month after it was revealed the firm was seeking to cut nearly 200 jobs in its UK audit business.
Source
City AMWestern
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KPMG UK cuts 200 corporate services jobs after Swiss merger