KPMG Layoffs: British Multinational Accounting Firm To Lay Off 4% of Its US Workforce To Align Workforce’s Size, Shape and Skills With Market Needs

New York, November 5: KPMG (Klynveld Peat Marwick Goerdeler) is a British multinational financial service provider that will reportedly lay off around 4% of its US audit workforce. The layoffs will affect around 330 employees in the country as the firm focuses on its ongoing efforts to align the workforce's size, shape, and skills with market needs. A KPMG spokesperson said that the company would also lay off the employees to address the continued low level of attrition.

The WSJ reported that KPMG layoffs are initiated to compensate for lower voluntary turnover levels. KPMG is part of the Big Four accounting firms in the world, including others like PwC (PricewaterhouseCoopers), EY (Ernst & Young), and Deloitte. This year, PwC reduced its China staff after losing major clients, and last month, Ernst & Young fired US employees as they "cheated" by attending multiple trainings and breaking laws. Alibaba Layoffs: E-Commerce Giant Lays Off Hundreds of Employees in China From Its Metaverse Division Amid Business Restructuring.

The report mentioned that KPMG had around 9,000 employees working in the US, and therefore, the layoffs would amount to around 4% of the total workforce. The KPMG US workforce will be in the coming weeks. This comes one year after the financial service provider implemented job cuts that affected around 5% of its workforce in the United States. In March 2023, KMPG layoffs affected roles related to advisory, tax, and back-office workers.

Earlier in 2024, Klynveld Peat Marwick Goerdeler laid off around 2% of its workforce, including advisory personnel. KPMG and other big accounting firms have reportedly suffered slower levels of voluntary attrition after hiring people aggressively during the pandemic. In terms of performance, the company reported a 6% growth in global audit revenue to USD 12.6 billion in September 2023. KPMG has yet to announce this fiscal year's global revenue. Oracle Layoffs: US-Based Tech Giant Lays Off ‘Several Hundred’ Employees From Oracle Cloud Infrastructure Division, Says Report.

KPMG addressed the latest round of layoffs and said the actions by the firm would reflect its ongoing focus on meeting the workforce's skills, size and shape in the market. The accounting firm said it would remain focused on investing in its people to grow its business quality. 

(The above story first appeared on LatestLY on Nov 05, 2024 12:42 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).