KPMG announced that they will slash 700 jobs in the US workforce. That is equal to 2% of their US workforce. KPMG is the first big 4 accounting firm to cut jobs in the US in 2023. They were also the first big 4 accounting firm to cut jobs during Covid around the world.
KPMG is always the first and always the worst.
Where is KPMG making the cuts? They are making the cuts from their US advisory practice.
KPMG said the following:
“Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain part of our advisory business that drove outsized growth in recent years”
They made that statement to Reuters.
What does that mean to me? That means that they cut people in mergers and acquisitions and their private equity businesses. They probably also cut other advisory people with low utilization. I’m sure they have also implemented a hiring freeze like some of the other big 4 accounting firms.
This is really weird too because KPMG just reported record revenues of $35 billion. They achieved 13% growth globally. Advisory had the highest growth rate with 19%. You’d think KPMG would cut the advisory people some slack, but I guess not. I’m also guessing some of these people literally had no work. Why else would you just fire people that had achieved such high growth in the past.