KPMG UK layoffs: News has come to light regarding layoff of employees in accounting firm KPMG UK. It is being told that the jobs of about 600 people working in the audit and advisory department of the company are in danger. Due to which there is an atmosphere of uncertainty among the employees working in these departments.
Impact on audit and advisory team
According to a Bloomberg News report, a memo issued within the company has indicated to employees that there is a possibility of layoffs. The final decision will be taken only after the redundancy consultation process.
According to the information received, about 7,100 employees work in the audit division. Out of this, the jobs of about 440 people may be affected. Due to which an atmosphere of concern is created in this department. Also, about 120 people in the advisory department are in danger of being retrenched. Back office staff and economics team members may also be affected by these layoffs.
According to information received from media reports, the high number of employees sitting on the bench in the firm could be the reason for this layoff. Also, less availability of new projects and some already running projects ending or going into loss are being said to be the reason for the layoffs.
The decision is being taken due to market conditions
According to a KPMG UK spokesperson, given the current market situation, it has become necessary to balance the number of employees in some parts of the audit division. He says that this decision is being taken after careful consideration.
It has been said in the report that this process may mainly affect assistant managers and qualified accountants. It is estimated that about 6 percent of the employees of the audit department may be affected by this.
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