February 24, 2024

KPMG Switzerland is in talks about merger with ‘big sister’ | News | Present

KPMG grew across all business areas in 2023. (nitpicker image/Shutterstock)

Audit and consulting firm KPMG Switzerland achieved the best result in its history in fiscal year 2023. According to media reports, discussions have also begun about merging the Swiss and British businesses.

KPMG Switzerland’s net sales rose 11.8 percent to 527.1 million francs in fiscal 2023, the company announced. The fiscal year ended at the end of September. This means that the sales target of 500 million francs has clearly been exceeded. Total sales, which also include third-party services from other national KPMG companies invoiced in Switzerland, amounted to 685.5 million francs (+9.5%).

I slept everywhere

According to the announcement, the company was able to achieve clear gains in all areas of business. Businesses with audit and audit-related services grew the most (+14.3%), followed by advisory services (+11.9%) and tax and legal advisory services (+7.1%).

KPMG has also significantly increased headcount. At the end of September 2023, the consulting company employed about 2,600 people, representing an increase of about 250 people.

KPMG is off to a good start in the new fiscal year, Stefan Pfister, head of KPMG in Switzerland, said in a video interview. He is therefore optimistic that the company will be able to continue its growth trajectory in recent years. However, there are uncertainties regarding the geopolitical environment. This may be more challenging, he said.

Talks have been confirmed

As reported by the Financial Times, KPMG plans to merge its Swiss business with its business in Great Britain. The goal is to increase growth. According to reports, the partners were informed of the discussions at the end of last week. The Financial Times relies on people familiar with the matter. UK President John Holt confirmed the talks with the Swiss branch of the newspaper. We are currently exploring how the two countries can work more closely together.

KPMG’s partners in both countries will have to approve the merger. The report continues that a vote on the potential merger could take place next year.

In the event of a merger, Switzerland would be the junior partner by far. Last year, about 17,000 people worked at KPMG’s British subsidiary, generating sales worth £2.7 billion.

KPMG’s rival Deloitte had already merged its Swiss business with Great Britain in 2006.

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