JOHANNESBURG- KPMG South Africa has announced on Monday that they will be retrenching up to 400 employees due to the closing of certain regional offices, as part of the “reshaping” of its business and strengthening of “leadership capacity.”
The scandal hit auditing firm said in a statement, “These changes follow a strategic review of the firm’s activities and take into account recent client losses and current levels of demand for certain services. They are the latest in a series of initiatives announced by the firm in recent months to support its drive to restore KPMG’s strength in South Africa,”
“We plan for the business to operate in future out of four hubs in Johannesburg, Cape Town, Durban and Port Elizabeth,” KPMG said.
“KPMG in South Africa will remain a business of significant scale with more than 130 partners and 2,200 employees, supported by the breadth and depth of skills and experience of the international network of KPMG of 200,000 people. It will continue to offer a wide range of the core services that our global, regional and local clients require.”
“The leadership changes will involve embedding in the firm for an extended period a number of senior KPMG partners from across the international network into board and executive positions, as well as senior client service roles. This is to further strengthen the leadership capacity available to the South African firm as it navigates the current challenges it faces, implements the enhanced internal procedures to which it has committed, and continues to serve our significant client base to the highest levels of quality.”
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