Accountancy giant KPMG is to axe jobs in the UK, with nearly 200 on the line.

The global credit crunch is seeing what is believed to be 90 staff from corporate finance and transaction services go.

And sources said up to 100 more posts could be lost mainly in sales and marketing.

A spokesman said there had been "a number" of job losses in corporate finance and transaction services. "This is related to market conditions that we and other organisations are encountering."

Mel Egglenton, chairman in the Midlands, said there would be a "minimal" impact in the region. He said the sales and marketing issue was across the UK, Germany and Switzerland.

It revolved around how many back office staff the new entity required.

"I would not have thought there would be any major effects in the Midlands," said Mr Egglenton.