Financial Accounting News

KPMG U.K. Sells Pensions Business to Focus on Troubled Audit Unit

Oct. 31, 2019, 5:21 PM

KPMG LLP’s U.K. operation is close to selling its pensions advisory business, cutting 450 jobs, in a restructuring focused on reviving its troubled audit business.

In a statement to Bloomberg Tax Oct. 31 KPMG said that “following significant interest in our market-leading pensions practice, we can confirm we have entered into exclusive talks with Exponent with a view to progressing a sale,” referring to Exponent Private Equity.

• KPMG’s U.K. pensions advisory business includes 20 partners among its 450 employees. The firm said it expects to save about £100 million, or $129 million, in the restructuring.

• The restructuring in...

To read the full article log in. To learn more about a subscription click here.