KPMG has slashed bonuses for its UK deals team again in the latest sign of strains facing the firm after a drop off in dealmaking this year, according to City A.M.
The Big 4 firm already cut pay-outs for the deals division by around half in May but a source told the newspaper they had now been informed the team bonuses would be slashed further.
Staff in the division were told in an email bonuses would be “lower” but were not given a figure that it would be reduced by. Earlier in the year, KPMG told some of its staff that annual discretionary bonuses will be ‘down’.
A KPMG UK spokesperson, told City A.M.: “A challenging economic environment has driven a softening in a number of markets, including Deal Advisory.”
