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...KPMG’s UAE and Oman business, called KPMG Lower Gulf, never published Freshfields’ recommendations....
...But after several years of rapid growth, Deloitte, EY, PwC and KPMG are braced for a tougher 12 months as a difficult economic backdrop in key markets prompts companies to cut spending....
...One former partner at a Big Four firm said that KPMG’s move was more likely to discourage someone from leaving than the arrangements elsewhere....
...The asset management firm restructured in 2022, with London-based H2O AM LLP — which is regulated by the Financial Conduct Authority — selling its key subsidiaries to its Luxembourg parent company....
...Last year, professional services companies Deloitte and KPMG advised some of their staff to use burner phones when visiting Hong Kong....
...KPMG this week told staff it would fire 110 people in its UK deals business following an earlier announcement of 125 redundancies in its consulting business....
...Deloitte’s cuts are less deep than those at rivals EY and KPMG. In February, KPMG said it was laying off advisory staff totalling close to 2 per cent of its US workforce....
...Deloitte has struck a deal to sell its UK pensions advisory division to Isio, the private equity-backed business spun out of KPMG in 2020....
...The Big Four accounting firms — Deloitte, PwC, EY and KPMG — have all established significant offshore presences in recent years, notably in India, to streamline their operations and provide round-the-clock...
...EY and KPMG said they were investing heavily in audit quality, which was their priority....
...the views of ten capital partners at KPMG Lower Gulf....
...The shake-up comes despite partners being paid an average of more than £1mn for the second year running in the 12 months to May — more than their rivals at EY, KPMG and PwC....
...This year, however, it has been rolled out to all KPMG’s public company clients and most private company audits as well....
...But Bayes Business School’s Empson, who was a non-executive at KPMG UK from 2013 to 2016, cautions not to expect too much....
...Corrie, Martin and KPMG declined to comment....
...PwC also announced 600 job cuts towards the end of last year, while KPMG axed roles and froze pay for about 12,000 employees....
...All of the Big Four — Deloitte, EY, KPMG and PwC — face challenges in their regional M&A advisory businesses. Profit margins are lower than on big deals and the wider market has been very quiet....
...PwC, KPMG and Grant Thornton are among the large accounting firms to have sold parts of their advisory businesses to private equity....
...Like the Big Four of EY, KPMG, Deloitte and PwC, Grant Thornton operates as a global network of member firms....
...information to KPMG to help the firm prepare for PCAOB audit inspections, in the hope of being given a job at the Big Four firm....
...The firm’s demotion to “tier two” leaves the Big Four — Deloitte, EY, KPMG and PwC — plus BDO and Mazars as the remaining “tier one” firms....
...Eagland said BDO has not had to make any staff redundant, unlike the Big Four firms — Deloitte, EY, KPMG and PwC — which have all announced job cuts in recent months amid slowing demand for some of their...
...About 1,950 people will be affected, based on KPMG’s workforce of 39,000....
...Deloitte, EY and KPMG have all announced staff cuts in the US this year, following a slowdown in parts of their consulting arms, and KPMG last week announced a second round of lay-offs that would extend...
...KPMG declined to comment publicly....
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