KPMG Announces Layoffs, Citing Economic Headwinds and Low Attrition Rates

KPMG, a leading accounting firm and part of the Big Four has revealed plans to lay off 5% of its U.S. workforce in response to economic headwinds and remarkably low attrition rates. The decision comes after KPMG cut approximately 2% of its U.S. employees earlier this year, making it the first of the world's largest accounting firms to initiate job cuts in the country.
 

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After its last fiscal year on September 30, KPMG employed over 39,000 professionals in the United States. The latest round of layoffs will be implemented throughout the remainder of the 2023 financial year, according to a statement from a company spokesperson. The firm emphasized that while this decision was not taken lightly, it is necessary to position KPMG for long-term success.
 

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These workforce reductions are a precautionary measure employed by numerous companies to brace for a potential economic downturn in the near future. In April, Ernst & Young's U.S. division reduced its workforce by 5%, while Deloitte also reported job cuts. The Financial Times first reported on KPMG's latest round of layoffs, shedding light on the ongoing challenges faced by the accounting industry.
 
KPMG and EY, Deloitte, and PricewaterhouseCoopers (PwC) comprise the esteemed Big Four accounting firms. As KPMG moves forward with its strategic restructuring, it aims to navigate the existing economic challenges and enhance its position in the industry for sustained growth in the coming years.