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...