KPMG said between five and 10% of its 2,100 staff will go, starting in July. The news is a further sign that economic problems in the US are beginning to bite deeply in the UK.
A spokesman for the firm said the major loss of work was in the internet and integrated solutions area during the course of this year despite strong growth last year of 13%.
Extra staff were recruited last as business appeared to boom but many firms in the sector have seen work decline as economic growth in the US slowed down.
A KPMG spokesman said: ‘We are reflecting where we are in our business now. In large sections of business this year there has been a down turn. It has not been unique to us by any means and that has necessitated us looking at our staffing levels.’
Revenues for KPMG consulting in the UK stood at £272m last year though the 13% growth was down from the 30% in 1999.
Just last month PricewaterhouseCoopers announced that 8% of its consultancy staff in the US would have to go.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
The Top 20 firm has recently advised J S Wright, the mechanical and electrical building services specialist
Promotions have been made in the private clients tax team and corporate business team