Tant becomes new audit head

BearingPoint files for bankruptcy
protection

Staff embrace KPMG’s flexible working scheme

Largest Dutch firm cuts support staff

PEOPLE
Tant becomes new audit
head

KPMG has appointed Oliver Tant as head
of its UK audit practice. Tant succeeds Richard Bennison who
recently became chief operating officer of KPMG Europe.

Tant specialises in capital markets
and their operations. His past experience includes working as
global head of private equity and lead partner within the KPMG UK
practice. Tant will also join the firm’s European audit leadership
team, the global audit steering group and the UK operating
team.

RESTRUCTURING
BearingPoint files for
bankruptcy protection

Struggling consultancy BearingPoint
has filed for bankruptcy protection in the US, a move the firm said
will allow it to significantly reduce its debt and improve its
capital structure. The company, which was formed out of KPMG
Consulting, has entered a voluntary Chapter 11 bankruptcy process.
This involves restructuring instead of liquidation. BearingPoint
said it plans to continue normal operations during the
restructuring process. Operations outside the US are not included
in the filing.

HUMAN RESOURCES
Staff embrace KPMG’s flexible
working scheme

Nearly 85 percent of KPMG UK’s 11,000
workforce have signed up to a flexible working scheme in an effort
to mitigate the effects of the economic downturn. The scheme allows
employees to work four-day weeks, which originally had been the
equivalent of a 20 percent pay cut, or sabbaticals for up to 12
weeks of partially-paid leave. Because the firm reached a 75
percent threshold, staff will only have to take a 10 percent pay
cut if they choose the four-day week option. KPMG has no immediate
plans to roll out the scheme.

JOB CUTS
Largest Dutch firm cuts support
staff

The Netherlands’ largest accounting
firm, Deloitte, has cut 80 staff out of a total of 600 in support
areas. The losses in human resources, recruiting, communications
and IT represent less than 2 percent of Deloitte’s workforce. The
firm said the cuts were due to the current economic climate.
Deloitte Netherlands reported fee income of €749 million ($945
million) for the year ended May 2008. This was only a fraction
higher than the €748 million it reported to May 2007.