KPMG chair warns “economic disaster” toll & more…Keep up to date with the latest accountancy and finance news in our weekly round-up…

Coronavirus: KPMG chair warns ‘economic disaster’ toll

One of the City’s most prominent bosses has warned that the “economic disaster” caused by the coronavirus pandemic risks surpassing its human toll, arguing that “a vaccine is the only known exit strategy”.

Scandal-hit Hin Leong seeks to cede control to PwC

Hin Leong, the distressed Singapore oil trader that has admitted to $800m of undisclosed losses, is seeking to appoint PwC as an independent manager to run the business as it pursues a debt restructuring of almost $4bn.

RSM elects new chief executive as Grant Thornton cuts wages

Challenger accountancy firm RSM last night elected a new chief executive after a marathon virtual general meeting while rival Grant Thornton slashed wages to help the coronavirus crisis.

BDO furloughs 700 employees, firms cut pay

BDO has furloughed 470 first-year trainees and 230 support staff in a bid to mitigate the financial impact of coronavirus. The firm’s partners will also have quarterly dividend payments frozen until January 2021, alongside a monthly pay cut up to 25%.

UK accounting industry faces worst crisis in decade

The UK accounting industry was plunged into its worst crisis in more than a decade as the “Big Four” firms slashed partners’ pay by up to a quarter and their mid-tier rivals furloughed junior staff to cope with the coronavirus fallout.