KPMG's UK business has informed nearly 600 employees in its audit practice that their jobs are at risk of redundancy, according to reports from Bloomberg News and confirmed by the firm. The consultation process, which began in late March 2026, is part of a broader restructuring aimed at improving the division's financial performance.
The proposed cuts represent a significant portion of KPMG UK's audit workforce. A firm spokesperson stated the move is a response to a slowdown in the initial public offering (IPO) market and reduced demand for certain audit services, which has created a capacity surplus.
KPMG emphasized that the consultation is ongoing and that it will explore options to minimize compulsory redundancies. The firm stated it remains committed to its audit business and is taking this step to ensure it is correctly sized for future demand.
The restructuring comes amid ongoing regulatory scrutiny and competitive pressures within the audit sector in the UK. Other major accounting firms have also undertaken similar workforce adjustments in recent years in response to market conditions.
