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KPMG bosses forced to take an 11% cut as pandemic squeezes profits

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KPMG bosses forced to take an 11% cut as pandemic squeezes profits but average pay is still £572,000

By Daily Mail City & Finance Reporter

Published: | Updated:

KPMG'S 582 partners in the UK were forced to take an 11 per cent pandemic pay cut

KPMG’S 582 partners in the UK were forced to take an 11 per cent pandemic pay cut

KPMG’S 582 partners in the UK were forced to take an 11 per cent pay cut on average last year as the pandemic squeezed profits.

But they still took home an average of £572,000, down from £640,000 the year before. The accountancy group’s chairman Bill Michael’s pay was shaved down by 14 per cent to £1.7million.

KPMG did not furlough any of its staff during the pandemic, and said that it ‘prioritised protecting jobs and supporting employees’.

Over the course of this year it is planning to spend £44million on ‘transforming’ its offices and investing in home-working technology.

KPMG’s results, which were delayed by two months as it weighed the impact of the coronavirus, showed revenue fell by 4 per cent to £2.3billion in 2020.

Profits slid by 6 per cent to £288million, not including the money made from the sale of its pensions business.

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source: dailymail.co.uk