Global Consulting Giant KPMG follows suit with layoffs as major companies cut back on payroll due to lowered demands and economic uncertainty.
According to the Financial Times, about 700 employees in the US will be losing their jobs as KPMG becomes the first of the big four accounting firms to initiate job cuts.
The ongoing economic turbulence has seen mega corporations essentially reboot to safe mode financially, starting with significant banks, fintechs and portfolio managers from the financial sector.
Before this, KPMG and the rest of the big four conducted mass hiring during the pandemic due to increased demand in the IT and financial consulting niches.
Despite hiring fewer than the other big four accounting firms, its labor population swelled to 35,266 employees in 2021, per KPMG's latest public report.
KPMG states that it will support the terminated employees by providing "severance, healthcare, emotional and wellbeing support" and "career counseling, and learning and development opportunities."
A KPMG spokesperson clarified to Reuter, "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."
