KPMG lays off 700 people in US, 1st among Big4 accounting firms to cut jobs

KPMG on Wednesday said that it is laying off two per cent of its staff in the United States of America, making it the first of the four largest accounting firms in the world to do so, reported Financial Times citing an internal announcement.

The cuts at KPMG will affect close to 700 people, the FT report added.

Carl Carande, vice-chair of KPMG’s US advisory business said that the decision was taken as the firm needed to “better align our workforce with current and anticipated demand in the market”.

“We have experienced prolonged uncertainty affecting certain parts of our advisory business that drove outsized growth in recent years,” KPMG said to FT.