KPMG’s UK Chair was feature in a post in Sky News in the UK. His name is Bill Michael and he is the UK Chair of KPMG. He is also the lead of KPMG’s banking and capital markets practice.
He recently had COVID 19 himself and is now recovering from the virus, so he has some first hand experience himself.
Sky news obtained a memo sent out by Bill Michael to UK staff. In the memo Bill Michael said that without a vaccine it is hard to return to normal.
He doesn’t believe the economy will survive a lockdown though because it is too devastating to the economy. He was wondering whether the lockdown’s impact will be worse on the economy than the impact of the virus itself.
He noted that companies will have to reevaluate their supply chains around the globe. This is obvious because some companies will be looking to move away from China. However, they have been some conflicting reports on this. There are some surveys out there that say many CEOs would not move their production out of China.
The memo also noted a couple projects that KPMG has won in the UK related to coronavirus assistance.
They won some work in the UK helping manage the building of emergency hospitals. They also won work helping UK Department of Work deal with the implications of the coronavirus on unemployment, and the government’s response.
We also learned some key statistics about KPMG’s UK practice. They have about 16,000 employees and 620 partners in the UK. The highest earning partners earned about 629,000 while the average KPMG partner salary in the UK was about 549,000. This pay has been cut by 25%.
This amounts for a pay loss of about 157,000 for top earning partners and 137,000 for the average KPMG UK partners.
The pay cuts according to Skynews would save KPMG about 75 million pounds. KPMG partners hope this will be enough to prevent having to lay people off.