KPMG to shell out £80m on bonuses

The firm this week briefed staff on the payments, which will be an
astonishing 35% higher than last year and will see staff receive an average
bonus of £8,000 in their December paypackets.

This does not include partners’ pay-outs, set to be announced in January with
the year-end results.

The firm’s CEO, Colin Cook, said the company’s philosophy, to share earnings
with staff as financial performance improved, would continue even after the
proposed merger with KPMG

‘Our firm in Germany has the same policy about being the best choice for our
people. While it may start with slightly different mechanics, we will keep to
the same principles. I have every intention of making sure a bonus opportunity
is realised on an even greater scale,’ said Cook.

The huge payouts underline both the extraordinary profitability of the Big
Four firms this year on the back of compliance demands, as well as the
burgeoning contest for talent in the profession.

‘We attract talented people who want to develop and make a personal
contribution. We, in turn, are committed to high variable pay,’ said Cook.

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