KPMG to cut five per cent of US jobs as demand slows
Big four accountancy KPMG tonight announced a fresh round of layoffs, with plans to cut five per cent of its US workforce.
In an internal message seen by CityAM, US chair and CEO Paul Knopp KPMG said: “We do not make the decision lightly. However, we believe it is in the best long-term interest of our firm and will position us for continued success into the future.”
The reason given in the memo were “economic headwinds, coupled with historically low attrition”.
The Big Four firm will be reducing its headcount by approximately five per cent between now and later this summer.
Employees in Audit, Tax and Digital Nexus who were laid off were notified yesterday. Affected staff in other departments will find out in the near future.
The firm previously slashed two per cent of US-based jobs in February.
Ernst & Young’s US division and Deloitte are both also reported to have slashed jobs this year.
A spokesman for KPMG said: “We remain confident in our growth prospects as we continue to compete and win in the marketplace.”