BusinessLive reports that with KPMG SA having lost its ability to rehabilitate its image and win back the confidence of its corporate clients in SA, KPMG International is looking to take much deeper and extensive control of the local outfit.
This was one of the observations that came from an update the company provided on Monday. The firm also announced that due to recent client losses and levels of demand it would undertake restructuring in which it expects to retrench 400 employees over the next two months. This will see its head count falling from 2,700 to 2,300 by the end of July. The restructuring will also result in the closure of its regional offices in Bombela, Bloemfontein, Polokwane and East London. There will also be job losses in the firm’s consulting and administration divisions. No changes are expected to staff levels in its financial services audit franchise. The retrenchments come despite the decline in staff numbers as a result of natural attrition. KPMG SA employed about 3,400 people in September 2017 (including trainee chartered accountants) before it formally began to address its challenges.
- Read this report by Warren Thompson in full at BusinessLive
- Read too, Loss of AG contract forces KPMG to close four regional offices, at Fin24
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