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KPMG UK is planning to cut jobs in its Deal Advisory business after the current challenging economic climate has led to a softening of the deals market and reduced demand.
The firm has now launched a consultation process with proposals to reduce the number of client-facing roles in the division.
The proposals are set to impact just over 6% of the overall Deal Advisory business, which has just under 1,700 people in total.
The Financial Times said the redundancy consultation was a “last resort” after moving staff around to support “hotter” areas thanks to its multidisciplinary model.
It added that staff were also set to be told that deal advisory teams would not receive pay rises this year, something that is typically received every year at the firm.
A KPMG UK spokesperson told Accountancy Today: “A challenging economic environment has driven a softening in a number of markets, including the deals market. These conditions have impacted demand in certain areas, as some clients have chosen to pause or delay projects.
“We have therefore taken the difficult decision to put forward proposals to reduce our headcount in a small number of areas of our business. Our people are at the heart of our firm and our priority is to support them throughout this consultation.”
