Reporting that KPMG will axe a tenth of its UK partners by Christmas following a review of individual performance.

The Financial Time have reported that the one-off cut-back comes as the accountant dramatically scales back its costs and restructures its operating model as it tries to recover from a reputational crisis and prepare for regulatory changes to the accounting sector. 

The paper says that Bill Michael, chairman of KPMG, told partners at a recent “roadshow” that the firm would take a harsher approach to managing performance, said a person familiar with the matter.

KPMG would expect roughly 45 partners to leave the firm, either through natural or forced retirement, the the paper said, but that number is 65 this year.

credits: FT.COM

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