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More Than 300 Layoffs Projected As KPMG Growth Slows
August 24, 2012
Uncertainty over the Eurozone debt crisis and stagnant growth in economies all over the world has forced businesses to cut back on growth expectations. These concerns have forced the firm to consider cutting employees from its UK offices.
KPMG has not announced any layoffs in over 10 years. The firms were an unexpected announcement and account for nearly 3% of the firm’s UK division. The cuts are expected to be targeted towards middle and lower level employees. None of the 600 executive level employees are expected to be cut.
KPMG issued a formal statement on the expected cuts. The statement said that the firm is going to do everything it can to avoid any cuts. However, the threat of another global recession may force them into the precarious situation of having to make additional cuts. Additionally, the workplace continues to evolve, which has forced KPMG and other companies to consider utilizing cheaper labor overseas or utilize new technology to cut costs.
The possibility of job cuts was announced after John Griffith-Jones took over as head of KPMG UK several weeks ago. Griffith-Jones’s predecessor had a much more optimistic view on growth. However, he acknowledged that KPMG clients have become increasingly concerned over the future of the economy and have cut back on services.
Despite the anticipated job cuts, KPMG expects to continue reaching out to new graduates to join its team.