Business
KPMG to lay off less than 4% of US audit workforce, source says
Global Banking & Finance Review®
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(Reuters) -KPMG will lay off less than 4%, or about 330 people, of its audit workforce in the United States, a source familiar with the matter said on Monday.
Besides KPMG, Ernst & Young, Deloitte, PricewaterhouseCoopers make up the Big Four of accounting firms.
“The actions reflect our ongoing focus to align the size, shape and skills of our workforce to the market, while addressing continued low levels of attrition,” a KPMG spokesperson said in a statement via email.
KPMG has a presence in “more than 143 countries and territories with over 273,000 partners and employees”.
The accounting firm had planned to cut about 100 jobs in its deal advisory business in the UK, a source told Reuters in October 2023.
In June last year, KPMG also announced layoffs affecting 5% of its U.S. employees after feeling the pinch of “economic headwinds, coupled with historically low attrition,” a spokesperson for the accounting firm had said.
(Reporting by Saeed Azhar in New York and Jaspreet Singh in Bengaluru; Editing by Anil D’Silva and Maju Samuel)
KPMG is one of the largest professional services firms in the world, providing audit, tax, and advisory services. It is part of the Big Four accounting firms alongside Deloitte, Ernst & Young, and PricewaterhouseCoopers.
An audit workforce consists of professionals who perform audits, which are independent examinations of financial information to ensure accuracy and compliance with regulations.
Economic headwinds are factors that slow down economic growth or create challenges for businesses, such as high inflation, low consumer demand, or increased competition.
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