KPMG to axe roughly 700 staff in US

SAN FRANCISCO: Global consulting firm KPMG is laying off 2 per cent of its workforce that will impact about 700 employees in the US, owing to a “sharp slowdown in its consulting business”.

As per a report, KPMG has become the first of the Big Four accountancy firms to reduce jobs amid global macroeconomic conditions.

The job cuts, according to Carl Carande, vice-chair of KPMG’s US advisory business, were needed to “better align our workforce with current and anticipated demand in the market”.

As per the report, like the other Big Four firms (EY, Deloitte, and PwC), KPMG has also been struggling with the collapse in merger and acquisition activity, which has hit its deal advisory business.