A top level restructure at one of the Big Four accountancy firms will see close to 50 partners shown the door.
KPMG will shed dozens of partners as part of a push by Simon Collins, its UK chairman, to overhaul the professional service firm’s operating model and bring more technology into the business to suit clients’ needs.
The move, first reported by Sky News last night, will see the number of UK partners shrink from around 630 to 580 – although the bold restructure ruffled few feathers as many likely to go are close to retirement or near to it.
The accountancy giant reported annual profits of £383m for 2015, a second year of sliding income, meant it was overtaken by rival EY. The group blamed the fall on high investment, spending a total of £196m through out the year.
Profits from the advisory side of the business dropped by five per cent from £324m to £308m. However, it announced a 2.6 per cent jump in revenue to £1.96bn for the year ended 30 September.
KPMG declined to comment last night.