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 institutions, including large Wall Street banks, asset managers, and fintechs, have cut staff in recent months due to the unstable macroeconomic environment that has put pressure on consumers and soured demand in a number of key industry segments.
Employees to be affected
Nearly 700 employees would be impacted by the KPMG layoffs, according to the FT report.
"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, as per the report.
The Big Four accounting firms comprise of EY, Deloitte, KPMG and PricewaterhouseCoopers.
