KPMG planning merger of UK and Swiss businesses: Report
Sign up now: Get ST's newsletters delivered to your inbox
One of the Big Four accounting firms, KPMG has about 17,000 people in Britain and 2,600 employees in Switzerland.
PHOTO: REUTERS
Bengaluru – Accounting firm KPMG is planning to merge its British and Swiss businesses to boost growth and profit at the company, the Financial Times reported on Dec 6.
Partners at KPMG’s operations in the two countries were told on Dec 1 that the companies were in talks about a possible combination, the report said, citing people familiar with the matter.
KPMG UK’s 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,” Mr Holt said.
KPMG Switzerland has 2,600 employees, while it employs about 17,000 people in Britain, according to the FT report.
KPMG did not immediately respond to a request for comment on the report.
Reuters reported in October that KPMG was planning to cut about 100 jobs in its deal advisory business in Britain.
KPMG is one of the Big Four accounting firms alongside Deloitte, EY and PwC. reuters
