Editing KPMG (section)

== History ==
=== Early years and mergers ===
[[File:KPMG HQ Amstelveen Netherlands.jpg|thumb|KPMG office in Amstelveen, Netherlands]]
[[File:BuildingFPM41.jpg|thumb|alt=Copyright to https://www.skinde.pt/pt/projetos/fpm41-edificio-de-escritorios-lisboa|KPMG offices at FPM41, [[Lisbon]], Portugal]]

In 1816, Robert Fletcher started working as an accountant and in 1839 the firm he worked for changed its name to Robert Fletcher & Co.<ref>Curtis Jenkins Cornwell & Co: A Study in Professional Origins, 1816-1966, SVP Cornwell, Garland Publishing, 1991</ref> [[William Barclay Peat]] joined the firm in 1870 at 17 and became head of the firm in 1891, renamed William Barclay Peat & Co. by then.<ref name="history">{{cite web | url = https://home.kpmg.com/nl/en/home/about/overview/history.html |title=KPMG History|date=13 September 2021|publisher=KPMG}}</ref> In 1877, Thomson McLintock founded Thomson McLintock & Co in Glasgow.<ref name="history"/> In 1897, Marwick Mitchell & Co. was founded by [[James Marwick]] and Roger Mitchell in [[New York City]]. In 1899, Ferdinand William LaFrentz founded the American Audit Co. in New York.<ref name="New York State Society of Certified Public Accountants: Foundation of a Profession">{{cite book|url=https://books.google.com/books?id=W8Z2a53DJ2cC&q=FW+LaFrentz+%26+Co&pg=PA212|title=New York State Society of Certified Public Accountants: Foundation of a Profession|page=212|first=Julia|last=Grant|year=1995|publisher=Routledge|isbn=978-0815322382}}</ref> In 1923, The American Audit Company was renamed FW LaFrentz & Co.<ref name="New York State Society of Certified Public Accountants: Foundation of a Profession"/>

In about 1913, Frank Wilber Main founded Main & Co. in [[Pittsburgh, Pennsylvania|Pittsburgh]].<ref>{{cite web|url=https://www.newspapers.com/newspage/87969871/|date=16 February 1914|publisher= Pittsburgh Daily Post, Pittsburgh, Pennsylvania|page=11|title=Newspaper article|access-date=28 June 2016}}</ref> In March 1917, [[Piet Klijnveld]] and Jaap Kraayenhof opened an accounting firm called [[Klynveld Kraayenhof & Co.]] in Amsterdam.<ref name="history"/>

In 1925, William Barclay Peat & Co. and Marwick Mitchell & Co., merged to form Peat Marwick Mitchell & Co.<ref>[http://www.icaew.com/~/media/Files/Library/subjects/accounting-history/family-trees/family-tree-peat-marwick-mclintock.pdf Family tree: Peat Marwick McLintock] ICEAW</ref> Peat Marwick Mitchell & Co. was based at No. 11 Ironmonger Lane in London,<ref>{{cite web|url=https://www.icaew.com/library/historical-resources/accounting-historians-guide-to-london|title=Accounting Historians' Guide to London|publisher=Institute of Chartered Accountants in England and Wales|access-date=17 April 2025}}</ref> before moving to Puddle Dock in London in 1976.<ref>{{cite web|url=https://files.taylorandfrancis.com/rabr-map.pdf|title=Accounting Historian's Map of London|publisher=Taylor and Francis|access-date=17 April 2025}}</ref>

In 1963, Main LaFrentz & Co was formed by the merger of Main & Co and FW LaFrentz & Co. In 1969, Thomson McLintock and Main LaFrentz merged forming McLintock Main LaFrentz International<ref>{{cite web|url=http://www.victoria.ac.nz/sacl/about/events/past-events2/past-conferences/6ahic/publications/6AHIC-68_FINAL_paper.pdf|title=The forces of deinstiutionalisation and demise|access-date=28 June 2016|archive-url=https://web.archive.org/web/20160804091342/http://www.victoria.ac.nz/sacl/about/events/past-events2/past-conferences/6ahic/publications/6AHIC-68_FINAL_paper.pdf|archive-date=4 August 2016|url-status=dead}}</ref> and McLintock Main LaFrentz International absorbed the general practice of Grace, Ryland & Co.<ref name="Chartered Accountants in England and Wales: A Guide to Historical Records"/>{{efn|In 1818, John Moxham opened a company in [[Bristol]].<ref name="Chartered Accountants in England and Wales: A Guide to Historical Records">{{cite book | url = https://books.google.com/books?id=gy-8AAAAIAAJ&q=Grace%2C+Darbyshire%2C+%26+Todd&pg=PA133 | title = Chartered Accountants in England and Wales: A Guide to Historical Records|publisher=Manchester University Press|year=1994|page=133| isbn = 9780719042294}}</ref> James Grace and James Grace Jr. bought John Moxham & Co. and renamed it James Grace & Son in 1857.<ref name="Chartered Accountants in England and Wales: A Guide to Historical Records"/> In 1861, Henry Grace joined James Jr., and the company was renamed James & Henry Grace; the firm evolved to become Grace, Ryland & Co.<ref name="Chartered Accountants in England and Wales: A Guide to Historical Records"/>}}

In 1979, [[Klynveld Kraayenhof & Co.]] (Netherlands), McLintock Main LaFrentz (United Kingdom / United States), and Deutsche Treuhand-Gesellschaft (Germany) formed KMG (Klynveld Main Goerdeler) as a grouping of independent national practices to create a strong European-based international firm.<ref name="history"/> Deutsche Treuhand-Gesellschaft CEO [[Reinhard Goerdeler]] (son of leading anti-Nazi activist [[Carl Friedrich Goerdeler|Carl Goerdeler]], who would have become Chancellor if [[Operation Valkyrie]] had succeeded) became the first CEO of KMG.  In the United States, Main Lafrentz & Co. merged with Hurdman and Cranstoun to form Main Hurdman & Cranstoun.<ref>{{cite web|url=http://www.accountingin.com/accounting-historians-journal/volume-19-number-1/the-development-of-the-big-eight-accounting-firms-in-the-united-states-1900-to-1990/|title=The Development of "The Big Eight" Accounting Firms in the United States, 1900 to 1990|publisher=Accounting Information|access-date=28 January 2017|archive-url=https://web.archive.org/web/20170202110528/http://www.accountingin.com/accounting-historians-journal/volume-19-number-1/the-development-of-the-big-eight-accounting-firms-in-the-united-states-1900-to-1990/|archive-date=2 February 2017|url-status=dead}}</ref>

In 1987, KMG and Peat Marwick joined forces in the first mega-merger of large accounting firms and formed a firm called KPMG in the United States and most of the rest of the world and Peat Marwick McLintock in the United Kingdom.<ref name=kpmg1987>{{cite web|url=https://www.latimes.com/archives/la-xpm-1986-09-04-fi-13794-story.html|title=Merger to Create World's Biggest Accounting Firm : Parent Firms of Peat Marwick and KMG Main Hurdman Reach an Agreement; Would Surpass Arthur Andersen|date=4 September 1986|work=Los Angeles Times|access-date=8 August 2020}}</ref> From 1984 Peat Marwick was the first, largest, and for some time the only large corporate customer of the [[Apple Macintosh]],<ref name="kawasaki20170503">{{Cite web |last=Kawasaki |first=Guy |author-link=Guy Kawasaki |date=2017-05-03 |title=Peat-Marwick, For Example |url=https://www.linkedin.com/pulse/peat-marwick-example-guy-kawasaki/ |access-date=2025-05-05 |website=LinkedIn |language=en}}</ref> and the combined company retained the computer.<ref name="neales19880725">{{Cite news |last=Neales |first=Sue |date=1988-07-25 |title=KPMG SETTLES FOR APPLE'S MACINTOSH |url=https://www.afr.com/politics/kpmg-settles-for-apples-macintosh-19880725-k2wsu |archive-url=https://archive.today/20250505212704/https://www.afr.com/politics/kpmg-settles-for-apples-macintosh-19880725-k2wsu |archive-date=2025-05-05 |access-date=2025-05-05 |work=Australian Financial Review}}</ref>

In the Netherlands, due to the merger between PMI and KMG in 1988, PMI [[tax advisor]]s joined Meijburg & Co. (The tax advisory agency Meijburg & Co. was founded by Willem Meijburg, Inspector of National Taxes, in 1939). Today, the Netherlands is the only country with two members of KPMG International: KPMG Audit (accountants) and Meijburg & Co (tax consultants).<ref>{{cite web|url=https://meijburg.com/page/history|title=Meijburg & Co – History|access-date=23 August 2017|archive-url=https://web.archive.org/web/20170823165812/https://meijburg.com/page/history|archive-date=23 August 2017|url-status=dead}}</ref>

In 1991, the firm was renamed KPMG Peat Marwick, and in 1999, the name was reduced again to KPMG.<ref>Note: KPMG derived from predecessor company founders: Piet '''K'''lijnveld, William Barclay '''P'''eat, James '''M'''arwick, and Reinhard '''G'''oerdeler.</ref>

In October 1997, KPMG and [[Ernst & Young]] announced they would merge.<ref>{{cite news |url=https://www.baltimoresun.com/1997/10/21/ernst-young-kpmg-peat-marwick-to-merge-new-company-would-be-largest-accounting-consulting-firm-in-world-financial-services/ |title=Ernst & Young, KPMG Peat Marwick to merge New company would be largest accounting, consulting firm in world |work=[[The Baltimore Sun]] |date=21 October 1997 |access-date=5 September 2014 |archive-date=13 April 2015 |archive-url=https://web.archive.org/web/20150413004856/http://articles.baltimoresun.com/1997-10-21/business/1997294011_1_kpmg-peat-ernst-young-merger |url-status=live }}</ref><ref>{{cite news|url=https://www.nytimes.com/1997/12/22/business/kpmg-partners-vote-for-ernst-merger.html |title=KPMG Partners Vote For Ernst Merger |work=[[The New York Times]] |date=22 December 1997 |access-date=5 September 2014 }}</ref> However, while the merger to form [[PwC]] was granted regulatory approval, the KPMG/Ernst & Young tie-up was later abandoned.<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/56509.stm |title=Accountancy merger off |work=[[BBC News]] |date=13 February 1998 |access-date=5 September 2014 }}</ref><ref>{{cite news|url=https://www.independent.co.uk/news/business/kmpg-and-ernst-call-off-18bn-accountancy-megamerger-1144724.html |title=KMPG and Ernst call off $18bn accountancy mega-merger  |work=[[The Independent]] |date=14 February 1998 |access-date=5 September 2014 }}</ref>

=== Recent history ===
[[File:KPMG in Kamloops, Canada.jpg|thumb|right|KPMG building in [[Kamloops]], British Columbia, Canada]]
In 2001, KPMG [[Corporate spin-off|spun off]] its United States [[consulting firm]] through an [[initial public offering]] of KPMG Consulting, which was rebranded [[BearingPoint]].<ref>{{cite news |url=http://www.itworld.com/021002bearingpoint |title=KPMG Consulting becomes BearingPoint |date=2 October 2002 |access-date=5 September 2014 |work=ITworld |archive-url=https://web.archive.org/web/20120922101930/http://www.itworld.com/021002bearingpoint |archive-date=22 September 2012 |url-status=dead }}</ref> In early 2009, BearingPoint filed for [[Chapter 11 bankruptcy]] protection.<ref>{{cite news|url=https://www.washingtonpost.com/wp-dyn/content/article/2009/02/18/AR2009021801973.html |title=BearingPoint Seeks Bankruptcy Protection |newspaper=[[The Washington Post]] | first=Alejandro |last=Lazo |date=19 February 2009}}</ref> The UK and Dutch consulting arms were sold to [[Atos]] in 2002.<ref>{{cite news|url=https://www.telegraph.co.uk/finance/2764590/KPMG-stuns-with-French-Atos-sale.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/finance/2764590/KPMG-stuns-with-French-Atos-sale.html |archive-date=11 January 2022 |url-access=subscription |url-status=live |title=KPMG stuns with French Atos sale |work=[[The Daily Telegraph|The Telegraph]] |date=6 June 2002 |access-date=5 September 2014 |first=Philip |last=Aldrick}}{{cbignore}}</ref>

In 2003, KPMG divested itself of its legal arm, Klegal<ref>{{cite news|url=http://www.legalweek.com/legal-week/news/1164145/kpmg-ditches-legal-ambitions-klegal-split |title=KPMG ditches legal ambitions in KLegal split |work=[[Legal Week]] |date=6 November 2003 |access-date=5 September 2014}}</ref> and KPMG sold its Dispute Advisory Services to [[FTI Consulting]].<ref>{{cite web |url=http://ir.fticonsulting.com/phoenix.zhtml?c=82634&p=irol-newsArticle_Print&ID=1090748 |title=FTI Consulting Completes Acquisition of Dispute Advisory Services Business Of KPMG |publisher=FTI Consulting |date=3 November 2003 |access-date=5 September 2014 |archive-url=https://web.archive.org/web/20190322130009/http://ir.fticonsulting.com/phoenix.zhtml?c=82634&p=irol-newsArticle_Print&ID=1090748 |archive-date=22 March 2019 |url-status=dead }}</ref>

KPMG's member firms in the United Kingdom, Germany, [[Switzerland]] and [[Liechtenstein]] merged to form KPMG Europe LLP in October 2007.<ref>{{cite web |last1=Lomas |first1=Ulrika |title=KPMG Swiss Merger To Create Europe's Largest Accountancy Firm |url=https://www.tax-news.com/news/KPMG_Swiss_Merger_To_Create_Europes_Largest_Accountancy_Firm____27706.html |website=Tax-News |publisher=Wolters Kluwer |access-date=7 May 2021 |date=26 June 2007|url-status=usurped |archive-url=https://web.archive.org/web/20210508020405/https://www.tax-news.com/news/KPMG_Swiss_Merger_To_Create_Europes_Largest_Accountancy_Firm____27706.html |archive-date=8 May 2021}}</ref> These member firms were followed by [[Spain]], [[Belgium]], the [[Netherlands]], [[Luxembourg]], [[Commonwealth of Independent States|CIS]] ([[Azerbaijan]], [[Russia]], [[Ukraine]], [[Belarus]], [[Kyrgyzstan]], [[Kazakhstan]], [[Armenia]] and [[Georgia (country)|Georgia]]), [[Turkey]], [[Norway]], and [[Saudi Arabia]].<ref>{{cite web |url=http://www.consultant-news.com/article_display.aspx?p=adp&id=7325 |title=Norway and Saudi Arabia to join KPMG Europe LLP |publisher=Consultant-news.com |date=1 November 2010 |access-date=5 September 2014 |archive-url=https://web.archive.org/web/20150320035023/http://www.consultant-news.com/article_display.aspx?p=adp&id=7325 |archive-date=20 March 2015 |url-status=dead }}</ref><ref>{{cite web |url=http://www.kpmg.com/be/en/issuesandinsights/articlespublications/the-kpmg-difference/pages/norway-and-saudi-arabia-to-join-kpmg-europe-llp.aspx |archive-url=https://archive.today/20140904215236/http://www.kpmg.com/be/en/issuesandinsights/articlespublications/the-kpmg-difference/pages/norway-and-saudi-arabia-to-join-kpmg-europe-llp.aspx |url-status=dead |archive-date=4 September 2014 |title=Norway and Saudi Arabia to join KPMG Europe LLP |publisher=KPMG International |date=30 November 2010 |access-date=5 September 2014 }}</ref> They appointed joint Chairmen, John Griffith-Jones and Ralf Nonnenmacher.<ref name="history"/>

In 2020, KPMG International Limited was incorporated in London, England.<ref name=governance/>

In February 2021, KPMG UK appointed its first female leaders, replacing Bill Michael, who stepped aside after making controversial comments.<ref>{{Cite web|date=2021-02-11|title='Unconscious bias is utter crap': KPMG staff share shock at UK chair's Zoom comments|url=http://www.theguardian.com/business/2021/feb/11/unconscious-bias-is-utter-crap-kpmg-staff-shock-uk-chair-zoom-comments-bill-michael|access-date=2021-02-12|website=The Guardian|language=en}}</ref> Bina Mehta was asked to step in as acting UK chairman and Mary O'Connor took over Michael's executive responsibilities as acting senior partner in UK.<ref>{{Cite news|date=2021-02-12|title=KPMG UK appoints first female leaders in 150 years|language=en-GB|work=BBC News|url=https://www.bbc.com/news/56021654|access-date=2021-02-12}}</ref><ref>{{Cite news|title=KPMG appoints first female leaders in shake-up after Michael furore|url=https://www.ft.com/content/24c25a23-0319-4a0b-8979-7c42b1e11207 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/24c25a23-0319-4a0b-8979-7c42b1e11207 |archive-date=10 December 2022 |url-access=subscription|access-date=2021-02-12|newspaper=Financial Times|date=11 February 2021|last1=Marriage|first1=Madison}}</ref> In April 2021, O'Connor quit the firm after being passed over for the permanent role.<ref>{{Cite news|date=2021-04-28|title=KPMG's Mary O'Connor quits after being passed over for top UK job|language=en-GB|work=[[Financial Times]]|url=https://on.ft.com/2Sc5KeU|access-date=2021-08-04|url-access=subscription}}</ref>

In November 2021, KPMG UK was reported as having revised its partnership process to introduce five levels of partnership which required partners to inject capital at levels starting at £150,000 and going up to £500,000. This along with the £115 million proceeds from the sale of its pensions business earlier in 2021, which it seems was not distributed to the partners, was intended to prepare the balance sheet for a potential large fine (up to £1 billion) arising out of the [[Carillion]] lawsuit.<ref>{{Cite news|last=Booth|first=James|date=November 29, 2021|title=KPMG taps partners for extra cash ahead of £1bn Carillion claim|work=The Financial News|url=https://www.fnlondon.com/articles/kpmg-taps-partners-for-extra-cash-ahead-of-1bn-carillion-claim-20211129|access-date=January 16, 2022}}</ref>

In April 2022, it was announced that KPMG will acquire 50% of the UK-based venture capital advisory specialist Acceleris subject to approval from the Financial Conduct Authority.<ref>{{cite news|date=27 April 2022|url=https://news.sky.com/story/kpmg-to-cash-in-on-tech-funding-boom-with-new-venture-12599938|title=KPMG to cash in on tech funding boom with new venture|work=[[Sky News]]|access-date=28 April 2022}}</ref>

In August 2022, KPMG announced plans to downsize its office footprint in New York City in 2025, when it moves its offices in the city from Midtown Manhattan to [[Manhattan West#Two Manhattan West|Two Manhattan West]] in [[Hudson Yards, Manhattan|Hudson Yards]].<ref>{{cite news |last1=Putzier |first1=Konrad |title=KPMG to Cut Manhattan Office Space in Move to New U.S. Headquarters at Hudson Yards |url=https://www.wsj.com/articles/kpmg-to-cut-manhattan-office-space-in-move-to-new-u-s-headquarters-at-hudson-yards-11661270438 |access-date=24 August 2022 |work=[[The Wall Street Journal]] |date=23 August 2022}}</ref>

In May 2024, KPMG partners approved the merger of its UK and Switzerland firms, which are working across audit, legal, tax, and advisory, and generating $4.4 billion annually.<ref>{{cite news|date=24 May 2024|url=https://www.fnlondon.com/articles/kpmg-uk-and-switzerland-partners-vote-to-merge-12959d7b|title=KPMG UK and Switzerland partners approve $4.4bm merger|work=[[Financial News]]|access-date=25 May 2024}}</ref>

In November 2024, KPMG announced that it would spend $100 million over the next four years  to boost its enterprise artificial intelligence services via a partnership with Alphabet's [[Google Cloud Platform|Google Cloud]]. This is an attempt to leverage Google products in the workplace, develop AI agents and overall make the workforce familiar with the technology.<ref>{{Cite web |date=November 20, 2024 |title=KPMG to spend $100 million on AI partnership with Google Cloud |website=[[Reuters]] |url=https://www.reuters.com/technology/artificial-intelligence/kpmg-spend-100-million-ai-partnership-with-google-cloud-2024-11-20/}}</ref>

In February 2025, KPMG US removed from its website the diversity reports it had been publishing since 2020 as part of a broader effort to abandon the firm's [[Diversity, equity, and inclusion|DEI]] targets.<ref>{{Cite news |last=Foley |first=Stephen |date=2025-02-19 |title=KPMG’s US business removes diversity reports from its website after Trump onslaught |url=https://www.ft.com/content/668f67d0-eafe-4970-9e9a-210015a8919d |access-date=2025-02-19 |work=Financial Times}}</ref>