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
Brian Burke, business development director, has moved within the firm to 'develop Quantuma’s networks with Sussex professional firms'
Stephen Mills joins the Manchester office from IBM, where he spent 12 years as an associate partner in the data, analytics and cognitive consulting group
Rupert Guppy will be responsible for capital allowances in the southern region, and joins the firm from specialist consultancy E3 Consulting
Richard Lewis has been appointed to the firm's restructuring and recovery services team