KPMG To Fire 700 In US, First Among Big Four Firms To Cut Jobs: Report

According to the FT report, KPMG, like the other Big Four firms – EY, Deloitte, and PricewaterhouseCoopers – has been going through a bleak period due to the collapse in merger and acquisition activity

KPMG had been trying to cut expenses off late by delaying new hiring, cutting travel expenses, and posting consultancy workers to the audit and tax departments of the company.

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Audit major KPMG has said that it will slash 2 per cent of its employees in the US, citing an internal announcement, FT reported. According to the report, around 700 people will be affected by the job cuts. The decision to slash jobs was taken as the firm needed to "better align our workforce with current and anticipated demand in the market," Carl Carande, vice-chair of KPMG's advisory business, said.

According to the FT report, KPMG, like the other Big Four firms – EY, Deloitte, and PricewaterhouseCoopers – has been going through a bleak period due to the collapse in merger and acquisition activity. This had an adverse effect on its deal advisory business and eased demand for consulting.

"We have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent year," KPMG said to FT.

KPMG had been trying to cut expenses off late by delaying new hiring, cutting travel expenses, and posting consultancy workers to the audit and tax departments of the company, the report said.

Meanwhile, US tech major Google is learnt to have sacked 453 employees from various departments in India on late Thursday night, citing sources privy to the development, Businessline reported. Sources have told the publication that a mail was sent out by Sanjay Gupta, country head and vice president, Google India, to the affected employees.

On the other hand, Apple, the only Big Tech firm that has avoided mass layoffs to date, has reportedly started laying off third-party contractors. The New York Post reported, citing people with direct knowledge, that the iPhone maker has started to cut ties with hundreds of contractors quietly.

"Instead of waiting for contracts that are typically renewed every 12 to 15 months to expire, Apple is firing contractors outright," said the report, citing sources.