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KPMG 'reconsidering business model'

In a written response to Eyewitness News, the firm says as part of its strategy to change the company and management, it is looking at its business model.

Picture: @KPMG/Twitter

JOHANNESBURG - KPMG says it can't comment on reports that the firm is retrenching employees.

The company has, however, said it is reconsidering its business model.

Earlier this month, the auditing firm lost its biggest private sector client yet, Barclays Africa, and with it about R138 million in annual audit fees.

It’s understood more than 200 employees who worked on the Barclays Africa account face losing their jobs.

In a written response to Eyewitness News, the firm says as part of its strategy to change the company and management, it is looking at its business model.

The company will not be drawn on speaking about the retrenchments and says it’ll give more details once the reviewing process has concluded.

Nedbank has previously said that it planned to review its relationship with KPMG in 2019 once it’s concluded its separation from Old Mutual.

Standard Bank has also announced that it was waiting for a report from independent investigations into the firm before it considers its future with it.

(Edited by Shimoney Regter)