No bonus for KPMG audit trainees
£1,000 second-year audit exam bonus scrapped, KPMG tells trainees in email
A £1,000 BONUS for KPMG’s second-year audit trainees has been axed, with suggestions that the service line is under pressure due to tough market conditions.
Four out of five of its 500 trainees are expected to pass their second-year, and would normally receive a bonus. However, an email seen by City AM said that the bonus had been scrapped.
“As you may be aware, our trading performance in the audit function has come under significant pressure from the challenging economic situation we are experiencing in the UK,” audit practice COO Adrian Stone wrote in the email.
“As a result of this KPMG will be exercising its discretion under the training agreement and with immediate effect a discretionary bonus will not be paid this year to acknowledge achievement of first time passes in professional exams.”
The trainees are still part of the end ofyear bonus scheme, which rewards against a combination of individual and departmental targets.
A KPMG spokesman told City AM that the move brought the firm in line with its competitors.