KPMG Cuts 5% of Staff Amid Economic Pressures

What’s happening at KPMG?

KPMG is set to reduce its U.S. workforce by 5% in response to ongoing economic challenges and lower employee turnover. The company, which employed over 39,000 people across the U.S. as of September 30, 2022, will implement the layoffs through the remainder of its 2023 fiscal year.

• This marks the second round of cuts for KPMG this year, following a 2% reduction in February.

Official Statements and Context

In an emailed statement, KPMG emphasized the difficulty of the decision but highlighted its importance for the firm’s long-term health.

“We do not take this 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,” a company spokesperson said.

KPMG is not alone in these efforts. Earlier in the year, Ernst & Young cut 5% of its staff, while Deloitte has also been reported to have made similar reductions. The “Big Four” accounting firms, which include KPMG, Ernst & Young, Deloitte, and PricewaterhouseCoopers (PwC), have all been navigating a tough economic climate, with firms reducing headcount to mitigate the effects of what many anticipate could be a slowing economy.

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📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

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If you’ve lost your job at KPMG for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

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