KPMG is cutting 5 per cent of its workforce in the US, its second round of job cuts this year, as it struggles with the slowdown in demand for consulting and other services.
The firm, which was the first of the Big Four to axe staff in February, said in an email to staff seen by the Financial Times that continuing “economic headwinds” meant additional reductions were now needed.
While the 2 per cent cut in February was confined to staff in KPMG’s advisory business, the larger reductions announced internally on Monday will affect all areas of the firm, including its audit business. About 1,950 people will be affected, based on KPMG’s workforce of 39,000.
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