The Financial Times (FT) has revealed today that KPMG England and KPMG Switzerland are planning to join forces. However, what appears to be a collaborative effort is actually a takeover attempt, with the London-based firm aiming to take control in Zurich.
The vast difference in size between the two companies is already evident. While KPMG Switzerland has around 2,500 employees, KPMG UK has a workforce of 17,000 – seven times more.
Despite having significantly fewer consultants, auditors, and tax experts, KPMG Switzerland generated nearly 700 million Swiss francs in revenue during the 2022-23 financial year. According to the FT, the net revenue was 527 million Swiss francs. In comparison, KPMG UK reported revenues of 2.7 billion pounds for the 2021-22 fiscal year, equivalent to over 2.4 billion Swiss francs – four and a half times more than the Swiss unit.
It is no wonder that the London-based partners have set their sights on their counterparts in Switzerland. The Swiss partners are likely to feel flattered, and if the plan succeeds, they will likely receive an extra bonus.
For the local KPMG, the merger of the two entities means the end of Swiss independence in the giant consulting empire, which employs around 250,000 people worldwide. The British will have the final say, just as they did when Deloitte merged its UK and Switzerland operations years ago. From that point on, everything was dictated from the headquarters in London. Now, the second of the “Big Four” in the market is facing the same fate.
KPMG UK: 12 points. KPMG Switzerland: Zero points.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇭 |
| Sentiment | very negative |
| Relevance Score | 1 |
| People | None |
| Companies | KPMG England, Deloitte, KPMG Schweiz |
| Currencies | None |
| Securities | None |
