KPMG’s UK unit said on Saturday it plans to cut staff in its auditing division, following a report by Bloomberg News that the company expects up to 440 people will leave the business if a redundancy consultation proposal goes ahead.
“In our audit business, we expect to see a regular pattern of natural attrition. But current market conditions mean attrition rates are very low within certain parts of our audit population, which is why we are proposing to right size those areas,” a KPMG UK spokesperson said in an emailed statement.
The statement did not say how many job cuts were likely.
The proposed cuts primarily target assistant managers who are qualified accountants, representing roughly 6% of the division’s 7,100-strong workforce, said Bloomberg, which cited people familiar with the matter.