KPMG finally released their global results. They weren’t supposed to announce it until later in 2021, but I guess they couldn’t wait anymore.
They announced revenues of 29.22 billion. This compares to revenue of 29.75 billion in fiscal year 2019. They are the only big 4 accounting firm to actually lose money in 2020.
Deloitte had revenues of 47.6 billion and growth over 3%. Ey had revenue of 37.2 billion compared to 26.4 billion in 2019. PwC had revenue of 43 billion up from 42 billion in the year before.
I think this just goes to show how poorly KPMG is run. They fired employees the first and keep on firing them. This is especially true in the United States. All it has done is decrease their top line. KPMG is also the most regulated in the U.S. because of past scandals. This prevents them from experiencing the same level of growth as the other accounting firms. Just keep this in mind when you are looking for jobs at the big 4 firms.
What are some of the highlights from the release. KPMG says that they had strong demand for regulatory driven transformation, cyber and legal services.
They announced that they will be net zero carbon business by 2030. We previously discussed that on the podcast.
Some key numbers
Revenue by region
Americas – 11.22 billion
Asia Pacific – 5.26 billion
EMA – 12.74 billion
They are the only big 4 accounting firm that does not have the Americas as its largest region.
Revenue by line of service
Audit – 11.07 billion
Tax and legal – 6.48 billion
Advisory – 11.67 billion
Some other highlights that KPMG discusses
1. One of Fortune 100’s best companies to work for
2. One of Gartner’s best Data and Analytics service providers
3. Leading AI service provider by HFS Research
They also devoted a whole section to ESG standards. This just goes to show how important ESG is in the global environment today. These large global companies have to get on board with the ESG standards in order to get work around the world.