“Current market conditions mean our attrition rates are very low within certain parts of our audit population, which is why we are proposing to right-size those areas,” stated a spokesperson for KPMG UK. This announcement comes as the firm prepares to warn nearly 600 audit staff that their roles are at risk amid a significant restructuring effort.
According to reports, up to 440 employees could leave following a consultation process, which will affect approximately 6 percent of the division’s 7,100-strong workforce. The layoffs are primarily focused on assistant managers who are qualified accountants, highlighting a targeted approach to the cuts.
KPMG is set to implement more than 500 staff redundancies, marking a substantial shift in the auditing industry. Additionally, 120 roles across the advisory arm are expected to be eliminated, further emphasizing the firm’s strategic realignment.
The broader consulting industry has been quietly pulling back after years of rapid hiring, and KPMG’s decision reflects this trend. In fact, KPMG made the steepest cuts in 2023 compared to its competitors Deloitte, EY, and PwC.
In response to the impending layoffs, the spokesperson added, “This isn’t a decision we take lightly, and we will support our people throughout this consultation.” This commitment to support indicates the firm’s recognition of the impact these changes will have on its employees.
Details remain unconfirmed regarding the exact timeline for the consultation process, leaving many employees anxious about their future. As KPMG navigates these challenging market conditions, the focus will be on how the firm manages this transition and supports its workforce.
