KPMG is to make hundreds of auditors redundant across the UK because of “excess capacity” in the business.
Staff were told yesterday that there would be 440 redundancies, amounting to about 6% of the firm’s entire audit division, which employs about 7,100 onshore and offshore.
It is understood that assistant manager-grade staff at the Big Four practice will be affected, typically auditors who have gained their formal accountancy qualifications about three years ago.
The downturn in the jobs market has been partly blamed because staff are not finding other positions, according to Bloomberg.
A spokeswoman for KPMG UK said: “In our audit business, alongside hiring for growth, we expect to see a regular pattern of natural attrition.
“But 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.This isn’t a decision we take lightly, and we will support our people throughout this consultation.”
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