Sky News reported some unfortunate news today, as the Queen’s KPMG has reportedly told about 200 employees, including nearly a hundred in consulting, that their services are no longer needed:
Sky News has learnt that the big four accountancy firm has decided to axe just under 200 jobs across its UK workforce, the latest sign of how professional services giants are being forced to contend with growing structural headwinds.
KPMG partners and affected employees were informed about the proposals in a briefing by Bill Michael, its UK chairman, on Wednesday morning.
Under the plans, roughly 100 jobs will go from its 3000-strong consulting practice, with a similar number to be cut from its internal business services function.
To add insult to injury, Sky News also reported that KPMG is launching a consultation on reducing pension contributions to 4.5% of salaries.
[R]oughly 20% of employees would be affected because, with an average age of 27, most KPMG staff already had pension deals entitling them to employer contributions of 4.5%.
To our knowledge, KPMG is the first Big 4 firm in the U.K. to hand out pink slips during the COVID-19 pandemic. Last month, the sixth-largest firm in the U.K., Grant Thornton, said it was laying off about 70 employees from its tax and consulting practices.