The financial services giant KPMG are to cut jobs in their UK business as there is a continued slowdown in the city with dealmaking.
The Financial Times reported that around 110 workers will be affected out of the business almost 1,700 strong force of those who work in deal advisory division.
KPMG said that they will reduce roles and freeze pay in the division and earlier this year the company warned that bonuses will be shorter this year.
A KPMG UK spokeswoman said: “A challenging economic environment has driven a softening in a number of markets, including the deals market.
“These conditions have impacted demand in certain areas, as some clients have chosen to pause or delay projects.
“We have therefore taken the difficult decision to put forward proposals to reduce our headcount in a small number of areas of our business.
“Our people are at the heart of our firm and our priority is to support them throughout this consultation.”