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FinanceKPMG to cut around 200 jobs in UK corporate services division, about 10% of staff
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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, cutting around 200 roles. The division includes HR, corporate affairs, marketing, tech, and procurement. A KPMG UK spokesperson said the cuts are part of integrating the UK and Swiss businesses following their merger, which went live on 1 October 2024, to avoid duplication and expand offshore delivery. This follows earlier layoffs of over 500 staff in KPMG's audit division this year. The news comes as competitor PwC also plans to slash its UK audit headcount, and Deloitte recently cut nearly 200 jobs in its UK audit business, highlighting a trend of layoffs across the Big Four.
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 expected to cut 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 partners voted "overwhelmingly" in favour of the merger, which officially took effect on 1 October 2024.
Layoffs, After Layoffs
The latest job cuts come as City AM revealed on Thursday that competitor PwC is set to reduce headcount in its UK audit division.
This follows KPMG's earlier cuts this year, which included:
- 440 assistant manager roles in the audit business (Grade D)
- 120 roles across the advisory arm
Those reductions affected 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 department, KPMG said at the time that "the ongoing evolving market conditions" meant roles would be reduced "following careful consideration."
Internal Reaction
City AM revealed in May that there was internal anger over a lack of communication about the 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. 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