Jobs axed at KPMG
The slowdown in tax work has forced Big Five firm KPMG to axe at least 150 jobs as it reacts to changing client demands.
Most of the job losses will be in London, though there will be a number lost in the firm’s regional offices.
The cuts will be across a range of levels, but will not include partners.
Staff were told today about the cuts, though the final decision on exactly who will lose their jobs has yet to be taken.
A spokesman for the firm said there had been a downturn in market activity and that some parts of the business had not been aligned with clients’ demands.
‘The slowdown in corporate finance and transaction service tax work has been an issue,’ the spokesman said.
He added the firm had been looking for voluntary redundancies and natural wastage to manage staff levels but that the firm now need to take further action.