The joint head of KPMG Europe has hinted
KPMG UK could expect a similar financial performance to a rival due
to trading conditions that were “tough but with no drama”.

This month, Deloitte reported its first
decline in revenue since 2002 due to difficult trading

KPMG Europe joint chairman John Griffith-Jones
told the International Accounting Bulletin that harsh
conditions were affecting everyone but would not speculate on the
firm’s 2009 results.

“Our business is holding up reasonably well in
the UK – we are in a similar place [to Deloitte], but I thought
their reflection on the overall state of the market would be pretty
much identical to ours,” he said.

“The marketplace is tough, but it is tough for
the client too so why should we be any different?”

KPMG is the UK’s third-highest fee earning
firm. Its financial year runs to 30 September 2009.