KPMG to cut 125 U.K. consulting jobs as demand drops

KPMG U.K. is planning to cut 125 consulting jobs in the U.K. in response to falling demand and challenging economic conditions, according to a person familiar with the matter.

The firm has started a consultation process to reduce client-facing roles in the consulting arm, the person said. The firm is also shifting some employees to more in-demand areas within the company. The cuts represent 2.3% of staff in the unit.

KPMG is the latest of the so-called Big Four firms to introduce cuts in the U.K. Rival Deloitte is set to cull 800 U.K. roles last week, while EY announced it's cutting 5% of staff in its U.K. financial services consulting division. PwC has said it's cutting pay increases and bonuses for some of its 25,000 U.K. employees. 

Simon Dawson/Bloomberg

The Financial Times reported the news earlier.