KPMG Cuts 330 Audit Jobs

KPMG has announced a reduction of approximately 330 positions within its U.S. audit division, accounting for just under 4 per cent of its nearly 9,000 audit employees. This move comes in response to historically low turnover rates, which have impacted the firm’s staffing requirements, according to media reports.

The decision aligns with KPMG’s efforts to adapt its workforce to current market demands. "These actions reflect our ongoing focus on aligning the size, shape, and skills of our workforce to market needs, while addressing persistently low attrition levels," the firm stated, as quoted by Bloomberg.

This round of layoffs follows a larger reduction in 2022, when the firm let go of 2,700 employees, driven by declining demand in its deals advisory services, a trend that has affected other Big Four firms globally. KPMG’s move mirrors challenges faced by other industry giants. In September, PwC also implemented job cuts, reducing its U.S. workforce by 1,800 roles across its assurance, tax, and advisory divisions, according to the report.