Integration blamed as KPMG axes another 100 jobs

Another 100 jobs are being axed at KPMG following the shedding of 90 staff from corporate finance ­ but the firm claims that the latest round of redundancies has not been caused by the credit crunch.

The firm has seen around 100 redundancies in its UK marketing team, which it said was a result of its merger and ongoing integration with its German and Swiss offices.

Last week around 90 staff from corporate finance and transaction services lost their jobs at the firm due to tough market conditions, a sign that the credit crunch is adversely affecting the amount of dealwork being undertaken.

Twenty of those who lost their roles have now been ‘redeployed,’ KPMG said this week.

No other firm-wide redundancies were planned, said a spokesman for the firm.

Other Big Four firms insisted this week they would not be making staff redundant in the same way.

‘We have no plans to make any significant changes,’ said a PricewaterhouseCoopers spokeswoman.

An Ernst & Young spokeswoman said: ‘We believe the opportunities for our people in transaction advisory services across the firm are as good today as they were 18 months ago.’

‘We have no plans for any redundancies in corporate finance,’ said a Deloitte spokesman.

The firms have not faced major redundancy programmes since the market downturn at the turn of the century, when several rounds of job cuts took place.

Both PwC and Ernst & Young cut back their tax practices, while nearly 1,000 jobs went at KPMG.

Tens of thousands of jobs have been cut by the investment banks hurt by the credit crunch.