KPMG UK partners are set to receive a record-breaking pay of PS816,000, following a 11% rise in profits before tax.
Cost-cutting measures by the Big Four company boosted profits, after it reported revenue growth of only 1% in the year up to September 2024.
The business has said that it has promoted around 1,000 students and 10,000 people in the last year to continue building its talent pipeline. KPMG UK was able, as a result of the steps it took to improve its profitability, to increase the bonus pot at year’s end for all staff (excluding partners) by 20%.
Jon Holt said, “This is an excellent performance under challenging market conditions.” Our teams have been working hard over the last 12 months to ensure that our firm, and our clients, could adapt, grow and succeed in an uncertain business climate.
We have managed our costs and positioned ourselves for sustainable long-term growth. We invested in AI, new technologies, auditing quality, and our communities. The merger with KPMG Switzerland opened up new markets, new clients, and more exciting career opportunities for our people.
KPMG UK’s tax and legal services grew by 9% in 2024, in response to the increased demand from clients for advice regarding changes in tax laws and assessing and implementing new technologies and AI.
The firm’s investment in AI and audit quality led to a 5% increase in Audit revenue. However, this was offset by an 4% decrease in Advisory revenues against the backdrop of a depressed UK deal market and global deals market.
KPMG UK was named Organisation of the Year in the Social Mobility Awards of 2024. The Social Mobility Foundation also ranked KPMG UK among the top five Social Mobility Employer Indexes for the eighth consecutive time.
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