Pay cuts at KPMG


Partners at KPMG — one of the “Big Four" accountancy firms — saw their average remuneration cut by 13% last year, according to the firm’s 2015 annual report.


The average remuneration of its 617 partner was £623,000 in the year to September 2015, compared with £715,000 the year before for 588 partners. Still, the average partner earned almost £12,000 a week in 2015.


Simon Collins, chair and senior partner, saw his remuneration cut by 12% to £2.2 million from £2.5 million. That works out to over £42,300 a week.


Revenues increased 2.6% to £1.96 billion, helped by a 17% increase in its tax work to £151 million. However, pre-tax profits were cut by 7% to £383 million from £414 million as the firm continued its expansion through acquisitions along with investing in new offices.


Gender pay Across KPMG last year, based on salary, the overall gender pay gap was 21.4%. This proportion was “unfortunately reflective of the smaller number of women currently in senior roles in the firm,” according to the annual report.


https://assets.kpmg.com/content/dam/kpmg/pdf/2015/12/kpmg-uk-annual-report-2015.pdf