Credit Crunch Leads To Redundancies At KPMG

Fri, 16 May 2008

KPMG is set to make 90 members of staff redundant as the first real signs of the damaging effects of the credit crunch start to take their toll.

The accountancy firm is to release around 90 employees from its corporate finance and transaction service teams in a move that highlights the lack of demand for corporate financiers within the financial sector.

Although the actual number of redundancies is yet to be formally announced, a spokesman for the firm confirmed that there had been "a number of job losses" in the two divisions.

"This is related to market conditions that we and other organisations are encountering," he said. "There were currently no plans for firm-wide redundancies."

The redundancies come despite KPMG announcing strong performance in both corporate finance and transaction services in 2006/2007, with 16 per cent and 25 per cent growth respectively.

However, the figures for last year would have failed to reflect the credit crunch greatly, with the company’s year end in September.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.