KPMG is cutting around 50 partners in an effort to improve its performance and respond to changing demand from its clients, according to reports.
Sky News reported that KPMG is cutting approximately 50 partners. The process of streamlining its partnership, which will see the number of partners reduced from about 630 to roughly 580, is said to have been under way for several weeks and is expected to continue for some time.
The redundancies form part of a push by Simon Collins, KPMG’s UK chairman, and senior colleagues to overhaul the firm’s operating model by investing in technology and other areas likely to deliver long-term benefits.
A source told Sky News there was broad support inside KPMG for the changes, with some of the exiting partners at or near retirement anyway.
The reduction in the number of partners at KPMG follows a fall in profit to £383m in the year to 30 September, with a modest rise in revenue meaning it was overtaken by EY to become the smallest of the quartet which dominate the industry.
Appointments have been made to the audit, outsourcing, management accounting and human resources teams
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The firm has made key appointments to its executive team, including a new chief financial officer, and a sales and marketing director