KPMG was the first US Big Four firm to cut jobs amid a weaker economy and reduced demand for consulting services – laying off 700 people in its advisory wing.
The cuts, which were announced Wednesday in an internal memo, affect nearly 2% of KPMG US’ workforce. None of the layoffs were partners.
Carl Carande, vice-chair of the US advisory business, said in the memo the staff reductions were required to “better align our workforce with current and anticipated demand in the market.”
The statement echoed KPMG’s rationale for layoffs in September 2020 following the shock Covid-19 pandemic downturn. The firm cut 4% of its workforce (1,400 of its 35,000 people), with a spokesperson noting the company was “taking prudent action to better align our resources with client needs and demand.”