E-Paper
KPMG cuts its workforce in US office, first among Big 4 accounting firms: Report
Several financial firms have slashed jobs in recent months including major Wall Street banks.
KPMG is cutting close to 2% of its workforce in the United States, becoming the first of the world's four biggest accountancy firms to slash jobs in the country, the Financial Times reported on Wednesday citing an internal announcement.
Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units.
Also read: How tech layoffs will affect the H-1B worker economy
The cuts at KPMG will affect close to 700 people, the FT report added.
"Our business and outlook remain strong. However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years," a spokesperson for KPMG said in an emailed statement to Reuters.
The Big Four accounting firms comprise of EY, Deloitte, KPMG and PricewaterhouseCoopers.
