Exclusive | KPMG to axe 40 jobs, or 2 per cent of Hong Kong headcount, as it remodels its advisory business to embrace tech innovation

KPMG, one of the world’s four largest accounting firms and professional services network, will make 40 jobs redundant at its advisory business in Hong Kong as it remodels its consultancy operation, according to two people familiar with the plans.

The staff affected, representing 2 per cent of the firm’s headcount in Hong Kong and 4 per cent of the positions in the advisory business, will be let go in the coming days, according to the sources, who declined to be named for speaking of a confidential matter.

Some employees will be reassigned to different departments, while 40 will be let go. Some staff members in specific posts will be given additional time to ensure a smooth transition, the sources said. KPMG’s spokeswoman did not immediately provide a comment.

KPMG, with its global headquarters in the Netherlands, wants to focus its advisory business on technology, transformation, value creation, innovation and financial services, which would necessitate letting go of the team that handled general analysis and traditional advisory, the sources said.

The move is to remodel KPMG to enable its advisory business to have a better focus to meet customers’ needs, particularly in the areas of innovation and technology upgrades, they said.

The taxation and auditing practises, which form the backbone and bulk of KPMG’s business, will be unaffected by the move, they said.