KPMG: Big four firm to freeze pay for 12,000 jobs as services slowdown continues November 24, 2023 Big four firm KPMG has announced it will freeze the pay of 12,000 staff, as the services sector continues to be hit by a major slowdown. The freeze was first reported by the FT, with staff only getting a pay boost if they get a formal promotion, ahead of the Christmas break. Partners at KPMG [...]
KPMG slashes bonuses again as dealmaking fees dry up November 10, 2023 KPMG has slashed bonuses for its UK deals team again in the latest sign of the strains facing the firm after a drop off in fees this year, City A.M. has learned.
MPs call on Rishi Sunak to stop delaying audit reform October 29, 2023 A group of MPs and peers have written to the Prime Minister to call on him to include the Audit Reform Bill in King Charles’ state opening of Parliament on Wednesday, November 7.
KPMG to cut jobs and freeze pay in deals division October 17, 2023 Around 110 employees, nearly seven percent of the KPMG's UK deals workforce, are expected to be laid off, according to the Financial Times.
KPMG: Audit giant handed record fine over failures on Carillion collapse October 12, 2023 KPMG has been slapped with a record fine over its botched auditing of Carillion, the construction company which went spectacularly bust in 2018.
Labour pledge to overhaul audit and corporate governance regime September 25, 2023 The Labour Party has said it will pass long-awaited legislation on audit and corporate governance reforms if it wins the next general election.
EY poised to cut jobs and rein in bonus pots – reports August 17, 2023 EY is poised to slash a number of jobs and has warned staff they will face more meagre pay rises and smaller bonus pots this year as it battles with rising costs, according to reports. The Big Four firm’s UK bosses have told staff it will cut more than five per cent of its near [...]
KPMG and PwC slapped with fines of almost £3m for botched Eddie Stobart audits June 29, 2023 Big four accountancy firms PwC and KPMG have been fined a total of nearly £3m over botched audits of logistics giant Eddie Stobart in 2017 and 2018. The Financial Reporting Council (FRC) said this morning it would fine PwC £1.99m and partner Philip Storer £51,000, with both receiving a “severe reprimand.” KPMG received a fine [...]
Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]
KPMG: Generative AI could spur £31bn increase in UK productivity June 27, 2023 The UK’s battered economy could get a much-needed £31bn boost from the widespread adoption of generative AI, a new KPMG report has found. According to the ‘Big Four’ firm, generative AI has the potential to increase UK productivity by 1.2 per cent, the equivalent of an extra output of £31bn a year in the UK [...]