Skip to main content

layoffs?

By Kevin Reed
Accountancy Age
15 May 2008
KPMG is to shed around 90 staff from its corporate finance and transaction service teams in the first concrete sign of the damaging effects of the credit crunch.
The move will send chills through the transactions departments of other firms. The lack of deals means corporate financiers are not in strong demand.
KPMG has not formally announced the number of redundancies. A spokesman confirmed 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.’ There were currently no other plans to cut posts, he said.
The firm had announced strong performance in both corporate finance and transaction services in 2006/2007, growing 16% and 25% respectively. Last year’s numbers would not have reflected the credit crunch greatly, however, with the firm’s year end in September.
The last major wave of job cuts in the firms followed the collapse of Andersen and a market downturn in 2002, during which KPMG shed around 1,000 staff.
Labels:

Comments

Anonymous said…
Hi

Do the people who leave their job at Big 4 source their new job from a client?

Thanks
May 28, 2008 at 3:39 AM
Anonymous said…
Hi, you have a nice blog.

Just for your information, I also have a blog that maybe relate to your profession. http://funnyauditors.blogspot.com

If you have any interest to make link exchange that could benefit both of us, you can contact me.

Thanks
June 23, 2008 at 2:26 AM
Post a Comment

Popular posts from this blog

ADP/Payroll

Just realized that the very payroll/adp reports we all enjoyed looking at in order to see how much our client contacts made, now seem to piss me off. Especially when your main contact, who couldn't tell a debit from a credit, makes significantly more than you, and leaves at 5. It's almost guaranteed to get you in a foul mood and yak with your team about the ridiculous salaries that certain employees get when compared to yours.
36 comments
Read more

should you choose to audit financial services?

I'm trying to decide whether to audit financial services companies or non-financial services companies. What would you say are the pros and cons of either industries? Do individuals who choose non-FS have less career mobility within the firm or if they decide not to stay with the B4 after a few years? Really depends on what you'd like to do after (unless you really love auditing). If you want to a controller,etc. at a p/e firm or a hedge fund down the road, you'd want to go into financial services. The pay won't be too bad, especially if you get a share of the insane bonuses they dole out. If you want to audit industries with tangible products and want to get a better understanding of the operations of such businesses, then other industries are the way to go.In terms of mobility outside the firm, auditing other industries is the way to go since you have plenty of options when you exit the audit world. For example, in 2008, after Lehman collapsed, it was incredibly hard ...
49 comments
Read more

vacation days big 4

What are common times to take a week off? Christmas to New Years? I s it frowned upon to take days off during busy season? How do vacation days work at Big 4 firms? Do people (in particular first years) tend to use up all their days, or is there an unspoken thing where you only take them when you really need them? Many big 4 employees take their vacation in the summer time, with a week off between Christmas and New Years. The only unspoken rule is that you do not take any vacation days during busy season (jan-march/april time frame). Many individuals use up most of their days, and sometimes lose a few days but you can always get around this by planning ahead of time. The other unspoken rule is to take a day off after you've been scheduled on a client. So try taking your days off during open times in your schedules. If your schedule is packed and you run the risk of losing your days off, it is totally okay to go to scheduling and let them know, and they usually will do everything ...
5 comments
Read more