KPMG UK profits fall 13%
KPMG reported its UK profits fell by 13% to £349m last year, due to the current economic situation and Eurzone crisis.
The Big Four group, which saw profit fall by 5% in Europe to €861m overall in the year to 30 September, released their annual report this week.
The firm's figures show profits fell across the UK and Europe, with European profit down €913m to €868m as increased costs hit areas such as audit and tax.
Despite the falling UK profits however, revenues in the UK increased by 4% to £1.8bn, driven by risk management.
As a result, KPMG's UK partners 602 partners saw their pay fall to £508,000, by almost a fifth.
However, the firm's departing senior partner John Griffiths-Jones has seen in increase in salary from ... to over £3m in salary provisions