Those partners at KPMG U.K. who are living a lavish lifestyle might have to cut back on the golfing and become more frugal after the firm slashed their pay by 11% so more of their subordinates can stay employed.
The Financial Times reported on Wednesday:
Average partner profit distribution has been cut by 11 per cent, from £640,000 to £572,000, to protect other jobs and spend on supporting employees across the business. KPMG did not furlough any staff when the pandemic hit and went ahead with recruiting more than 900 graduates and apprentices, plus 950 “experienced hires”. Other costs included moving all UK staff to remote working and introducing an unlimited paid leave scheme.
At least these now-despondent and poverty-stricken KPMG partners can commiserate with their fellow poor partners in the Big 4. Deloitte cut average partner pay by 17% to £731,000, PwC by 10% to £685,000, and EY by only 1.8% to £667,000.
KPMG’s UK partners to take 11% pay cut amid Covid slowdown [Financial Times]