- It’s about, the rigorous competitive war going on between the Big 4 in India… And KPMG is the first victim.
- More than 50 odd Partners have been poached by Deloitte and PwC from KPMG in the last 1 or 2 years.
- And guess what… all of them have moved with their teams!
KPMG India’s Talent Exodus
Over the past three years, KPMG has been shedding Partners, losing over 50 of them to PwC and Deloitte!
In a jaw-dropping move in 2023, Deloitte’s tax division rolled out the red carpet, welcoming a whopping 130-150 members from KPMG, including 15 partners. Talk about a mass exodus!
KPMG’s whole tax practice was ruined.
Not to be outdone, PwC swooped in like a hawk and raided KPMG’s Advisory Practice including the ESG and the technology risk consulting talent pool and yet again15- 20 partners from KPMG joined PwC and with their whole teams and the clients.
So KPMG Tax and Advisory have been ruined by Deloitte and PwC respectively.
Ouch! That’s gotta sting.
The Departed
As reported by the Economic Times, among the departed luminaries, we have Rohit Berry, KPMG’s National Head of Deal Advisory, ready to set sail for Deloitte’s promising shores.
And don’t forget Vivek Gupta, already at Deloitte after leaving KPMG in his rear-view mirror.
The Catch
But jumping ship isn’t all sunshine and rainbows.
KPMG has some serious exit clauses, not to mention a proposed 50% salary cut during the dreaded six-month gardening leave. Ouch!
KPMG isn’t going down without a fight!
They’re actively wooing back Deloitte’s Partners (15-17 of them) and their teams from the risk and corporate investigation division.
Ankur Nishar from Deals and Tax advisory at PwC, now finds himself in KPMG’s welcoming embrace.
According to sources, the recent appraisals at KPMG were really good.
Who all were there on their active payroll have been promoted or given a hike of, like, 20-25% minimum. Even if the performance was not adequate, they retained their people and they’re attracting the mid-level talent also.
Conclusion
So there you have it, folks: KPMG’s rollercoaster ride through the turbulent seas of Partner turnover. But they are definitely stronger than ever, says some insiders!
As the Big 4 firms duke it out for the best talent, the only thing certain is that the drama is far from over.
Stay tuned for more twists and turns in this captivating saga!
