KPMG to cut UK jobs
Hundreds of jobs are expected to go in the Big Four firm's tax department despite the introduction of a four-day week earlier this year
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.