KPMG announced it will cut jobs in its UK audit department.

Accounting firm KPMG's UK branch announced on Saturday that they plan to cut staff in their audit department. Prior to this, Bloomberg reported that if the consulting proposal to lay off employees is implemented, the company expects up to 440 people to leave. "In our audit business, we want to see a normal natural attrition pattern. However, the current market conditions mean that in certain parts of our audit business, the natural attrition rate is very low, which is why we are recommending appropriate reductions in these areas," a KPMG UK spokesperson said in an email statement. The statement did not specify the number of potential layoffs. Bloomberg cited sources familiar with the matter as saying that the proposed layoffs are mainly targeted at assistant managers with accounting qualifications, accounting for about 6% of the department's 7100 employees.