International accountancy firm KPMG said it is to lay off 762 of its staff in the UK as it tries to cope with the market downturn.
In a statement, it said up to 700 redundancies are planned in KPMG LLP (UK), affecting all functions within the firm.
The remaining 62 job cuts will affect its associated law firm, KLegal, it added.
The staff reduction, which accounts for about 7% of its workforce in the UK, will be completed by mid-September.
"The firm will offer voluntary redundancies and internal deployment where possible. Where compulsory redundancies are made, KPMG will invest internal resources to help those affected find new opportunities outside the firm," it said.