KPMG names Steve Payne to lead UK and Swiss banking practice

KPMG chose a gradual handoff for one of its most sensitive sector jobs, putting Steve Payne in line to lead its UK and Swiss banking practice while Peter Rothwell shifts back to full-time client delivery after three years in the role. Payne will officially start on October 1, but the transition began immediately, a sign that KPMG wanted continuity in a market where banks are still wrestling with regulation, cost pressure and rapid technology change.

The appointment matters inside KPMG because banking is no longer run as a simple coverage business. Payne has almost three decades of experience across banking, capital markets and investment management, and KPMG said he has worked in The Nordics, Singapore and America before returning to the UK. That background fits a practice that is increasingly expected to knit together audit, tax, consulting and technology rather than send separate teams into the same client account.

Karim Haji, KPMG’s UK and Global Head of Financial Services, framed the move as both a leadership change and a continuity play, pointing to Payne’s ability to connect teams across geographies and services. Rothwell’s exit from the sector lead role was handled without drama, which is often how Big Four firms signal that a handoff is about succession planning rather than a strategic reset. For partners and directors, that usually means account teams stay stable, but the pressure to coordinate work more tightly across disciplines only increases.

The wider structure around the role also matters. KPMG UK and KPMG Switzerland merged on October 1, 2024 to form the KPMG UK/Swiss Group, and the firm finalized a new governance structure on December 4, 2025 to work more efficiently as one partnership while keeping local oversight in each country. Melissa Geiger chairs the Group Board, while Jon Holt leads the whole business as Group Chief Executive and UK Senior Partner. Payne’s remit now sits inside that cross-border setup, which makes the banking lead job as much about internal coordination as market-facing strategy.

KPMG says financial services is being shaped by regulatory change, pressure on cost management and growth, and heavier investment in technology and data. The firm also describes banking as moving from the legacy shocks of the 2008 financial crisis and the COVID-19 pandemic toward a far more digital operating and distribution model. That helps explain why sector leadership is being tied more closely to alliance partners, technology capability and talent retention.

Rothwell’s recent commentary shows the scale of the work ahead. In March 2026, he said KPMG expected the Financial Conduct Authority’s motor finance redress scheme to involve estimated payouts of £7.5 billion, with a planned start date of June 30, 2026, covering loans from April 2007 to March 2014 and from April 2014 to November 2024. In August 2025, he said UK banking sector profits fell by £3.7 billion in 2024 and forecast that average return on equity would drop by more than a third by 2027. KPMG’s 2025 Banking and Capital Markets CEO Outlook found 65% of banking chiefs ranked AI as a top investment priority, 70% planned to spend 10% to 20% of budgets on AI and 56% saw ethical issues as a major barrier. For KPMG staff, Payne’s appointment signals where the firm expects to place its bets next: on sector depth, cross-border delivery and the ability to turn digital change into billable work.