Dec 18, 2017

KPMG UK partners paid less than rivals after profit fall

KPMG UK partners suffered an 11 per cent average pay cut this year and earned significantly less than rivals at Deloitte, PwC and EY as their firm's profits were hit by writedowns on the value of a number of historic investments. KPMG said that several investment write-offs and other one-off items meant that UK profits before tax fell by almost a fifth to £301m. Bill Michael, chairman of KPMG UK, said: "We took some tough decisions [this year], writing down our stake in a selection of historic investments where performance has not met expectations. While this meant taking a one off hit in our profits, it has left us well placed to achieve profitable growth next year and our sales pipeline is strong." KPMG doubled revenues in its UK audit practice after it secured a number of large listed clients in the latest financial year including BT and Legal & General. KPMG UK also released its gender pay gap data, showing that women at the firm earn 22 per cent less than men on average, while their bonuses are 51 per cent smaller. KPMG UK additionally released its ethnicity pay gap data for the first time, which showed employees from ethnic minorities earn 14 per cent less on average than their white colleagues, while their bonuses are 39 per cent lower.

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