KPMG plans merger of UK and Swiss businesses: FT

Published Thu, Dec 7, 2023 · 09:45 AM

Partners at KPMG’s operations in the UK and Switzerland were told last Friday the firms were in talks about a possible combination, the FT report said, citing people familiar with the matter. REUTERS

ACCOUNTING firm KPMG is planning to merge its UK and Swiss businesses in an effort to boost growth and profit at the company, the Financial Times reported on Wednesday.

Partners at KPMG’s operations in the two countries were told last Friday the firms were in talks about a possible combination, the report said, citing people familiar with the matter.

KPMG’s UK chief executive Jon Holt told FT that KPMG UK had started conversations with the company’s Swiss arm to explore working together closely to bring benefits to clients and partners.

“Bringing together our two firms would give us more collective power to invest, build new services for our clients...,” Holt said.

KPMG Switzerland has 2,600 employees, while it employs about 17,000 people in the UK, according to the FT report.

KPMG did not immediately respond to a request for comment on the report.

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The job cuts, affecting up to 2.4 per cent of the 25,000 workforce, will be directed mainly at PwC’s advisory business with a small number in the tax department also set to be affected.

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Reuters reported in October that KPMG was planning to cut about 100 jobs in its deal advisory business in the UK.

KPMG is one of the Big Four accounting firms alongside Deloitte, EY and PwC. REUTERS

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