KPMG to hire 250,000 employees over the next five years

KPMG recently announced its plan to hire 250,000 employees over the next five years. The firm is particularly interested in recruiting mid-level talent for the advisory business

Recruiters in KPMG’s advisory unit recently took the time to answer some questions for Vault readers regarding the firm’s plans to hire a quarter of a million new employees in five years. Specifically, the recruiters talked about what kinds of consultants they’re actively seeking, in terms of experience, expertise and overall ability.

Q: KPMG recently announced its intentions to hire roughly 250,000 new employees in the next five years. Will the firm's advisory division also see big headcount increases in that timeframe?

A: Yes, the Advisory business is one of the key growth areas for KPMG in the US and globally, and therefore in order to meet our growth expectations, we do expect to significantly increase headcount in Advisory over the next five years. In the U.S. alone, Advisory is hiring more than 100 people per month.

Q: In terms of experience, what type of candidate will see the most attention from advisory recruiters? Entry-level? Mid-level? Manager-level?

A: Currently, KPMG Advisory is actively recruiting at all levels, but our greatest need is for mid-level talent. However, our needs tend to change depending upon client needs, so all levels are encouraged to apply.

Q: What particular skills do KPMG's advisory recruiters value? Is the division looking for quant-jocks, versatile strategists, or those with more job-specific skill sets?

A: KPMG Advisory is hiring across our three service groups – Transactions & Restructuring, Performance & Technology, and Risk & Compliance. Within those groups, we have a wide array of needs that require job-specific skill sets, such as in technology, risk management and transaction services, and are also looking for versatile strategists and project managers. We also have some positions that require industry-specific experience, with high demand right now in Financial Services, Health Care, Pharmaceutical, and Energy.

However, beyond job-specific skill sets and/or industry experience, the most important skill that we are looking for is excellent consultative abilities. Talented individuals that can meet with clients, recognize and articulate high value solutions, and then implement those solutions are critical to our success.

Q: What kind of working experience awaits newly-hired KPMG consultants?

A: KPMG offers an award-winning work environment, the opportunity to work with leading companies on challenging projects, outstanding career development programs, global work opportunities, and the chance to work with some of the best and brightest people around the world.

Barclays to Cut 1,000 Employees

Barclays will lay off 1,000 employees as it withdraws from its financial planning advice business for U.K. retail banking customers. The firm announced yesterday that it will move the investment services online as "it is unlikely that this business would be able to deliver a return that would justify the investment required."

Georgie Carter, a Barclays spokesperson, said that the decision was based "on us seeing a decline in the commercial viability of the business." The 1,000 employees affected will be placed into a redeployment program that will span six months, she said. Employees will be able to apply for internal positions and also receive support to apply for external roles.

The cuts will take place across the country and begin on February 18.

Abbott to cut 1,900 jobs

(AP) — Abbott Laboratories said Wednesday it would eliminate 1,900 employees to keep profits up, indicating that one of the pharmaceutical industry's few success stories of recent years is not immune to cost pressures squeezing the sector.

The maker of drugs and devices said the terminations involve U.S. marketing and manufacturing positions. The cuts, which represent about 2 percent of the company's work force, are expected to save the company $300 million in coming years. Abbott blamed the cuts on new fees and pricing pressures associated with the health reform law and a "challenging regulatory environment" at the Food and Drug Administration, which approves new drugs.

Abbott has steadily increased its revenue year after year, even as most of its pharmaceutical peers have watched sales fall as patents on blockbuster drugs expire. And while the company's multibillion dollar, anti-inflammatory drug Humira continued to deliver in the latest quarter, Abbott has stumbled in efforts to develop new therapies.

Last week the company halted research on a next-generation psoriasis drug after the FDA indicated additional clinical trials would be needed to win approval.

The company has also wrestled with high profile safety problems in the past year. It pulled its diet drug Meridia from the market in October because of heart risks, only one month after it recalled millions of containers of its best-selling Similac baby formula because of possible contamination from insect parts.

Abbott shares fell 93 cents to $47.03 in morning trading while the broader markets edged higher.

Despite these and other challenges, the company continued to deliver double-digit earnings and profit growth in the fourth quarter, meeting Wall Street's expectations.

Looking ahead to 2011, the company predicted earnings growth between 9 and 11 percent, just below analyst expectations. Abbott expects profit between $4.54 and $4.64 per share in 2011, while analysts expect $4.64 per share.

But Leerink Swann analyst Rick Wise said both those figures may be conservative.

"In 2011, Abbott could begin to realize more fully the benefits of the ongoing Solvay integration with potentially even more operating synergies than currently reflected in Street estimates and guidance," Wise stated in an investment note.

Abbott, based in North Chicago, Ill., earned $1.4 billion, or 92 cents per share, in the fourth quarter, down from $1.54 billion, or 98 cents per share, a year earlier. Excluding costs related to the acquisition of Solvay Pharmaceuticals and Piramel Healthcare Solutions, along with a partnership, Abbott said it earned $1.30 per share. Revenue rose 13 percent to $9.97 billion.

Analysts polled by FactSet expected profit of $1.30 per share on $9.87 billion in revenue.

Pharmaceutical sales drove revenue during the quarter, rising 23 percent to $5.94 billion. The company's rheumatoid arthritis and immune disorder drug Humira led the way with a 15.4 percent boost in sales to $1.88 billion.

Meanwhile, nutritional product sales fell 1 percent to $1.43 billion while diagnostic product sales rose 5 percent to $1.02 billion and vascular product sales rose 14 percent to $822 million.

For the full year, the company earned $4.63 billion, or $2.96 per share, down from $5.75 billion, or $3.69 per share, in 2009. Revenue rose 14 percent to $35.17 billion from $30.77 billion.