KPMG looking at possible merger of UK and Swiss units - reports

(Sharecast News) - Consultancy giant KPMG is reportedly considering combining its UK and Swiss operations, according to Reuters and the Financial Times. In an emailed statement to the news organisations on Thursday, KPMG UK said it has begun discussing with the Swiss business to explore how they can collaborate to benefit clients and partners.

The UK unit employs around 17,000 people, while the Swiss business has 2,600 staff.

Jon Holt, KPMG UK's chief executive, reportedly said in the email: "Together, we would grow faster, be more profitable and do so in a sustainable way".

"Bringing together our two firms would give us more collective power to invest, build new services for our clients and provide our people with significant global career opportunities."

According to reports in the Financial Times on Wednesday, partners in the two units were told last Friday that a possible merger might happen, while some employees were given a limited briefing on Monday.

The potential move is said to be part of a turnaround plan to boost profits and recover after a series of fines and scandals.