KPMG BOLSTERS EMPLOYEE BENEFITS SCHEME WITH PREFERENTIAL MORTGAGE OFFER

KPMG announced at its ‘One Firm’ event for all 12,000 employees at the O2 arena that it had negotiated a private banking offer for its staff.  The offer extends the firm’s ‘total reward’ remuneration and benefits package, made up of core salary; performance bonus; pension; critical, life and medical insurance plus additional benefits.

The offer is with Clydesdale Bank & Yorkshire Bank and includes a Private Banking service, worldwide travel insurance, access to a Private Banking Relationship Manager and a range of Private Banking preferential products and services. 

Simon Collins, UK Chairman of KPMG, commented:

“As a large employer we’re always looking for ways to help our people meet the different needs they have at various stages of their career.  Our recent research with Shelter showed that more than half of all 20-34 year olds could be living with their parents by 2040 and housing prices could quadruple in the next 20 years if we don’t fix the housing crisis.  Owning a home is fast becoming a fairytale for all but society’s wealthiest.  We are working hard to raise the issue with policy makers and clients but we also want to make a tangible difference to our staff who also face this problem. 

“We are delighted that we have been able to negotiate access to a dedicated range of products and services with Clydesdale Bank & Yorkshire Bank on behalf of our employees.  While a successful application very much depends on an individual’s circumstances, we hope that this offer will help our staff struggling to make home ownership a reality.”

Paul Shephard, Director of Business and Private Bank for Clydesdale and Yorkshire, commented:

“We are delighted to be entering into this partnership with KPMG and have a team of professional Private Banking Relationship Managers across the United Kingdom, who understand the challenges that are faced by emerging professionals starting out in their career and balancing both career and personal demands.

“KPMG is very focused on supporting their employees, as we are, and this was an ideal opportunity to align our values and provide a proposition that supports professionals at key stages throughout their career. We aim to provide the highest standards of service to all of our customers; a commitment we know is also shared by KPMG. This is an exciting opportunity for us as a bank to deepen relations with a large professional services firm and we look forward to welcoming employees of KPMG to Clydesdale and Yorkshire Bank.”

David Sayer, Global Head of Banking at KPMG, who negotiated the deals on behalf of the firm, added:

“From a financial services industry perspective, the deal shows how the banking industry is looking at new ways of accessing large groups of new customers.  Major employers regularly consider how they can offer their staff attractive remuneration packages: offering preferential lending rates and access to premium services such as private banking is an appealing addition to a company’s benefits scheme. 

“From a credit risk perspective, working with ‘blue chip’ organisations, particularly in the professional services sector, is also attractive to lenders.  We expect to see more of these kinds of deals in the market as employers and the financial services industry agree mutually beneficial deals.”

KPMG’s staff will be able to apply and Clydesdale Bank & Yorkshire Bank have set up a dedicated helpline to assist staff.