The cuts are said to be part of its measures to overhaul the company.

The suggested cull of partners arrives as the company attempts to drastically scale back its costs and restructures its operational model.

The changes are part of the company’s attempt to recover from a reputational crisis and in preparation for significant regulatory changes in the accounting sector.

The Financial Times reported that two people with knowledge of KPMG’s situation said that the firm plans to cut about 65 of its UK partners, making the operational shake up the biggest single cut of partners in many years.

A KPMG spokesperson said: “It is critical that our firm constantly evolves as we build the mix of capabilities required to service the changing needs of our clients. To achieve this, we are significantly increasing our investment in all of our core businesses — audit, tax, deals and consulting. This year we have appointed 50 new partners and 200 new directors, across all parts of our business.”