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KPMG mulls hundreds of UK job cuts in subdued economy

KPMG London

London: KPMG has warned its staff in the UK that they face hundreds of job cuts.

Up to three per cent of its UK headcount is at risk.

Yesterday the firm confirmed the substance of a leaked internal email. It said that whilst it continues to grow "in a subdued economy" and fast changing market, it had to take "a hard look" at its operations to "ensure that we stay best positioned to continue providing the best services to our clients as efficiently as possible."

KPMG's statement went on, "Part of this means actively managing our cost base. As a result, a number of business units within KPMG are now carrying out reviews of their structures and headcount numbers. It is likely that we will need to make a number of roles redundant over the coming weeks.

"The review is ongoing and subject to consultation. Therefore there are not precise numbers at this stage, but we envisage that the total number of roles at risk will be less than 3% of our UK workforce.

"Clearly, any redundancy situation is regrettable — and KPMG will make every effort to redeploy individuals within the firm whose roles are 'at risk'."

It is not clear yet which services will be affected, or whether partner jobs are at risk.

The firm employs around 11,000 partners and staff in 22 offices in the UK, and turned over £1.7 billion in the year to September 2011.

KPMG is the only one of the Big Four professional services firms to turn to a redundancy programme since the financial services melt down in 2008.

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