The big four accounting firms have slashed graduate jobs and shed thousands of staff outside of official redundancy rounds, as they cut costs in the face of a prolonged downturn for professional services.

KPMG, PwC, Deloitte and EY hired a thousand fewer graduates, school leavers and apprentices last year as part of a wider effort to trim headcounts and protect their profits.

Last week, KPMG announced an 11 per cent boost to profits, in part through a clampdown on costs. Its 837 partners, who own and manage the firm, received an average payout of £816,000.

The firm hired 942 graduates and apprentices last year, 33 per cent lower than the 1,399 whom it appointed the year before. Overall, the firm shed 1,266 employees in 2024,