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10 Jun 2009
KPMG plans to cut jobs in its UK tax department in response to the recession and a slump in demand for merger and acquisition-related tax advice.
An industry source said that about 200 jobs could be cut. A spokesman for KPMG, the world's third-biggest accounting firm, confirmed that it planned to cut jobs in its UK tax practice, but declined to give a figure for likely job cuts. He said that it was consulting staff.
News of the job cuts comes despite KPMG offering staff the option of a four-day working week, in an effort to cut costs and avoid future redundancies.
KPMG emailed UK staff yesterday to tell them that it needed to cut jobs in its tax and people services department in response to a changing market for tax services.
The accountancy profession has been hit by a wave of redundancies over the past year. Firms including Deloitte, Grant Thornton and PKF have announced plans to cut hundreds of jobs in expectation of slower revenue growth this year.
Thousands of redundancies in financial services have cut the amount of advisory work on offer, while merger and acquisition activity has also slowed dramatically.
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Visitor comments Add your comment
What now for young accountants
As a qualified ACCA and Banker my belief is that these jobs are unlikely to return to the market place in the near future ( 5-7 years). Partnership firms are unlikely to expose themselves to over staffing again even as economic activity picks up.
These accountants may have consider a new business model.
Posted by: Fran Dalton FCCA, 17 Jun 2009 | 00:00
KPMG
On earlier comment, I dont think the firms overstaff -in audit definately not in my view.
But as a heirachal structure the top guys get heavily paid and the lowly staff accountant or manager gets peanuts compared. Its almost like a production line environment
These firms are all good at talking about business models and efficiency and staff morale etc but in my experience they "don't walk the talk" it is all lip service.
Posted by: RM, 23 Jun 2009 | 00:00