Beautiful Virgin Islands

Friday, Sep 05, 2025

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

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

KPMG will remodel its advisory business in Hong Kong to meet customers’ need for advice on technology and innovation. The firm will redeploy some members of its advisory team to other departments, letting 40 staff go in the coming days, according to two sources familiar with the matter
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.

Hong Kong was the world’s largest destination for initial public offerings (IPOs) in 2019 for the seventh time in 11 years. That level of fundraising activity has created an ecosystem of financial and professional services comprising bankers, brokers, accounts, auditors and management consultants.

“There is strong demand for accounting services,” said Johnson Kong Chi-how, president of the Hong Kong Institute of Certified Public Accountants (HKICPA), in an interview with South China Morning Post last week. “Besides the normal audit and due diligence services, many accounting firms are also in demand for debt restructuring and other advisory services for improving operational efficiencies amid an economy downturn.”

Still, the redundancies comes at a time of heightened anxiety for Hong Kong’s professional services, as large chunks of the financial industry including mergers and acquisitions, IPOs and investment banking have gone into hiatus, amid a work-at-home practise to contain the coronavirus outbreak. KPMG’s remodelling has nothing to do with the coronavirus outbreak or cost-cutting, the sources said.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Queen Camilla’s Teenage Courage: Fended Off Attempted Assault on London Train, New Biography Reveals
Scottish Brothers Set Record in Historic Pacific Row
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
×