KPMG to cut staff and slash pay
Accounting firm KPMG is to axe 20 jobs at its Belfast office and impose pay cuts for remaining staff, it has been revealed.
The business consultancy and auditing firm is to shed up to 200 jobs across the Republic and Northern Ireland, with the majority of redundancies set to come from its offices in Dublin, Cork and Galway.
The company, one of the big four accountancy firms, employs around 185 staff in Belfast.
From May the company said it would also impose pay cuts ranging from 5% to 10% on remaining staff, in a bid to cut costs during the economic downturn.
“In common with many businesses in the present economic climate, including many professional services firms, the firm is seeking to ensure that the firm’s cost base and resources are balanced between current needs and anticipated future demand,” KPMG said in a statement.
“The firm acknowledges the significant contribution of all of its people to the firm's success and fully appreciates the impact of the measures on its employees. The firm has worked hard to minimise the number of redundancies and regrets having to take these measures — announced only after very careful consideration.”
The company added that the redundancy programme would not affect the 25 graduates set to join the company in Belfast in the autumn or on its graduate recruitment plans for 2010.
“The firm’s graduate trainee programme is and will remain critical to the firm’s future success,” the statement said.
Those affected by the job cuts across the Republic and Northern Ireland will mostly be recently qualified accountants and support services staff, with some impact on professional staff in its transaction-based business.
Staff being kept on would be hit with pay cuts of 5% for those on lower wages and by 10% for those earning higher salaries.
KPMG operates in both the public and private sector and is one of the leading financial advisors in Northern Ireland.