New reports indicate 'proposed reductions' at KPMG UK's advisory business
KPMG UK is proposing a workforce reduction in its advisory business that will reportedly impact its tech staff amid "low levels of attrition."
The workforce reduction will hit about 200 jobs in its data and technology division, or about four per cent of KPMG's advisory workforce, The Financial Times reported.
Consultation is now ongoing, according to the report, with impacted staff expected to leave the firm in October.
A KPMG spokesperson confirmed the cuts to news outlets, attributing the move to an evolving market and low attrition at the firm.
"As our market evolves, we are adapting where we are focusing and how we are set up to make sure we have the right skills in place to best serve our clients," the spokesperson said as quoted by The Financial Times.
"To respond to these market dynamics combined with low levels of attrition, we are proposing reductions in some of our advisory client-facing teams and will support our colleagues throughout this process."
New round of job cuts
The fresh round of job cuts follows a series of previous reductions by KPMG UK across its business.
In July, City AM reported that KPMG UK proposed a workforce reduction that will impact 10% of roles in its corporate services division to "avoid duplication."
HR roles were reportedly part of the impacted roles, along with corporate affairs, marketing, tech, and procurement.
And in March, it was also reported by several outlets that KPMG will cut more than 500 jobs in the UK, including over 400 roles in audit and about 120 in advisory.
KPMG's advisory business covers consulting and deals work, according to The Financial Times, and has been facing a prolonged post-pandemic slowdown like other Big Four firms amid lower demand.
Its workforce in the UK has dropped from the pandemic highs of more than 17,000, down to 16,600 in the previous year, before declining further to about 15,800 people.
