KPMG is to let go of more of its consultants in the UK as the prolonged dearth of corporate dealmaking continues to sap demand for their services.
The Big Four accounting group confirmed that about 110 people in its deal advisory teams were facing redundancy — about 6 per cent of its nearly 1,700-strong UK deals practice.
More advisers had been at risk of being let go as well, although KPMG managed to move a number of those into other, better-performing parts of the business.
Those in the deals teams who have kept their jobs have been told that they will not be getting pay rises this year, according to the Financial Times, which first reported the job cuts.
KPMG had already told its UK staff that their bonus pool for 2023 would be smaller than last year. Advisers who specialise in helping businesses with mergers and acquisitions or with floating on the stock market have had a slow year or so.
Source: The Times
Date: 18 October