As KPMG seeks to significantly reduce costs and restructure its operations, particularly as a result of recent adverse performance reactions, and in anticipation of regulatory changes in the financial sector, KPMG plans to reform punctuality of its British partners.
In August, KPMG suffered serious damage to reputation following the collapse of Carillion. In the last year or so, he has been ordered to pay more than £ 20 million in regulatory fines. In order to manage performance, it seems that KPMG is now taking serious action by removing about 65 partners from its UK divisions.
According to the FT it is quite normal that KPMG loses about 45 partners each year in staff turnover, either by those who leave naturally or are forced to retire, but it does not go away. is the biggest action taken in years.
KPMG confirmed that most resignations would come from its business divisions, although the few would come from KPMG's remarkably weak audit divisions.
KPMG stated: "It is essential that our company evolves continuously as we develop all the capabilities necessary to meet the changing needs of our customers. To do this, we significantly increase our investments in all our core business – audit, tax, transaction and advisory. This year, we have named 50 new partners and 200 new directors in all areas of our business. "
You can find more information on KPMG and other major group performances in one of our latest special features: "Are the Big Four Still The Best?"