KPMG is to shed around 90 staff from its corporate finance and transaction
service teams in the first concrete sign of the damaging effects of the credit
The move will send chills through the transactions departments of other
firms. The lack of deals means corporate financiers are not in strong demand.
KPMG has not formally announced the number of redundancies. A spokesman
confirmed there had been ‘a number’ of job losses in the two divisions. ‘This is
related to market conditions that we and other organisations are encountering.’
There were currently no plans for firm-wide redundancies, he said.
The firm had announced strong performance in both corporate finance and
transaction services in 2006/2007, growing 16% and 25% respectively. Last year’s
numbers would not have reflected the credit crunch greatly, however, with the
firm’s year end in September.
The last major wave of job cuts in the firms followed the collapse of
Andersen and a market downturn in 2002, during which KPMG shed around 1,000
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team
John Mendes has been appointed partner in the City of London office at MHA MacIntyre Hudson
Jon Maile has been promoted to partner in the South East as the head of audit at Grant Thornton
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live