KPMG Cuts 4% of Its Audit Staff in the U.S.

According to a report based on sources familiar with the matter, KPMG International Ltd. laid off approximately 330 employees last week, representing about 4% of its 9,000-strong U.S. audit workforce. The firm stated, "These actions reflect our ongoing focus on aligning the size, shape, and skills of our workforce to the market, while also addressing the continued low attrition levels." The reported layoffs targeted assistant and managerial positions and did not include any partners. Earlier this year, in March, KPMG also conducted a round of layoffs focused on its audit department. Additionally, last summer, the firm laid off about 5% of its U.S. workforce, including employees from consulting, tax, and back-office roles. Prior to this, KPMG had reduced its consulting team by nearly 2% earlier in the year as part of ongoing restructuring efforts.