KPMG is preparing to cut around 10% of roles in its UK group corporate services division, putting approximately 200 jobs at risk.
According to a City AM report, the planned redundancies will affect central support functions including human resources (HR), corporate affairs, marketing, technology and procurement.
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The move follows the integration of KPMG’s UK and Swiss operations after partners in both businesses voted “overwhelmingly” in favour of a merger.
The combined structure formally came into effect on 1 October 2024.
A KPMG UK spokesperson told the publication: “As we continue to integrate our UK and Swiss businesses to deliver on our group strategy and drive growth, we are looking at the shape of our operating model.
“This includes launching proposals to reduce roles in our central services by 10% to avoid duplication, make the most of our technology investments and to expand our offshore delivery. We will support our people throughout this consultation.”
The latest cuts arrive on top of reductions in KPMG’s UK audit and advisory operations earlier this year.
More than 500 roles have already gone from the audit division, including 440 assistant manager posts in the audit business (Grade D) and 120 positions across the advisory arm.
In total, the changes affected around 6% of the division’s 7,100 employees.
Explaining the audit cuts at the time, the company said that “current market conditions mean[ing] our attrition rates are very low within certain parts of our audit population, which is why we are proposing to right size those areas”.
On the advisory side, KPMG cited “the ongoing evolving market conditions” and said roles would be reduced “following careful consideration”.
KPMG’s actions are unfolding against a backdrop of job cuts across the ‘Big Four’. City AM recently reported that PricewaterhouseCoopers is preparing to reduce headcount in its UK audit division, while Deloitte was in the spotlight last month after it emerged the company was seeking to cut nearly 200 roles in its UK audit business.
