KPMG To Lay Off Around 700 Employees: Report The report also revealed that the other big four firms, EY, Deloitte, and PricewaterhouseCoopers, has been going through a bleak period due to the collapse in merger and acquisition activity
By Teena Jose
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Global consulting firm KPMG, on Wednesday, said that it will cut 2% of its staff in the US that will impact about 700 employees, according to a FT report citing an internal announcement. As per FT, KPMG has become the first of the big four accountancy firms to reduce jobs amid global macroeconomic conditions.
The report also revealed that the other big four firms, EY, Deloitte, and PricewaterhouseCoopers, have been going through a bleak period due to the collapse in merger and acquisition activity. This had an adverse effect on its deal advisory business and eased demand for consulting.
The decision to slash jobs was taken as the firm needed to "better align our workforce with current and anticipated demand in the market," Carl Carande, vice-chair of KPMG's advisory business, reportedly said in a statement.
"We have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years," KPMG told FT.
The reductions are spread across the US and across the consulting business, but do not include any partners. Also, KPMG had been trying to cut expenses off late by delaying new hiring, cutting travel expenses, and posting consultancy workers to the audit and tax departments of the company, according to the report.
