balance sheet for a potential large fine (up to £1 billion) arising out of the Carillion lawsuit. 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. 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 Two Manhattan West in Hudson Yards. Global structure Each national KPMG firm is an independent legal entity and is a member of KPMG International Limited, a UK Limited Company incorporated in London, United Kingdom. KPMG International changed its legal structure from a Swiss Verein to a co-operative under Swiss law in 2003 and to a limited company in 2020. This structure in which the Limited company provides support services only to the member firms is similar to other professional services networks. The member firms provide the services to client. The purpose is to limit the liability of each independent member. Bill Thomas is KPMG's Global Chairman. He was formerly Senior Partner and CEO of KPMG LLP, the KPMG member firm in Canada. Some KPMG member firms are registered as multidisciplinary entities which also provide legal services in certain jurisdictions. In India, regulations do not permit foreign auditing firms to operate. Hence KPMG carries out audits in India under the name of BSR & Co, an auditing firm that it bought. BSR & Co was an auditing firm founded by B.S. Raut in Mumbai. In 1992, after India was forced to liberalise as one of the conditions of the World Bank and IMF bail out, KPMG was granted a license to operate in India as an investment bank. It subsequently purchased BSR & Co and conducts audits in India under the name of this firm. During March 2022, in response to the Russian invasion of Ukraine, KPMG announced that "our Russia and Belarus firms will leave the KPMG network". Services KPMG is organised into the following three service lines (the 2022 revenue shares are listed in parentheses): Audit ($11.85 billion) Advisory ($15.44 billion) Tax and Legal Services ($7.35 billion) Tax arrangements relating to tax avoidance and multinational corporations and Luxembourg which were negotiated by KPMG became public in 2014 in the so-called Luxembourg Leaks. Staff KPMG was the preferred employer among the Big Four accounting firms according to