KPMG becomes first Big Four accounting firm to cut staff in U.S. – FT

(Reuters) – 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.

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.

(Reporting by Manya Saini in Bengaluru, additional reporting by Granth Vanaik; Editing by Shailesh Kuber)