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‘Big Four’ accountancy firm KPMG will axe 65 of its UK partners by Christmas, according to a report by the Financial Times.
FT said the staff layoffs come as the accountant “dramatically scales back its costs” and “restructures its operating model.”
A KPMG spokesperson said: “It is critical that our firm constantly evolves as we build the mix of capabilities required to service the changing needs of our clients. To achieve this we are significantly increasing our investment in all of our core businesses – audit, tax, deals and consulting.
“This year we have appointed 50 new partners and 200 new directors, across all parts of our business. In a typical year around the same number of partners will retire from the firm, often going on to senior roles elsewhere in both the private and public sector.”
It comes after KPMG revealed in September that it was set to cut close to a third of its administrative assistants, in a bid to cut costs.
According to a report from the Financial Times, between 200-250 staff were set to leave the firm. The firm is set to create 24 new support roles in its Birmingham office, where it runs an administrative function, as part of the restructuring.
The restructuring will mean some partners, will no longer have access to a personal assistant and are being encouraged to file their own expenses.
A spokesperson for KPMG said at the time: “We are not taking these steps lightly, but we believe the proposed structure will enable us to deliver the best possible experience for our clients. We are now in the process of consulting with affected staff on the plans.”
