The cuts, affecting both back-office and client-facing roles, come after a review of the firm’s cost base and are expected to be completed by October 2024.

This move follows similar cuts across the Big Four firms in 2023, which saw around 1,800 jobs lost due to a decline in dealmaking, City A.M. reports.

KPMG is also grappling with stricter UK visa requirements, having revoked job offers from foreign graduates. This comes amidst a proposed merger between KPMG UK and KPMG Switzerland, expected to be finalised later this year.

“Like the rest of our sector we are still operating in challenging market conditions, which is why we have made the difficult decision to consult on proposals to reduce our cost base,” a KPMG spokesperson said.