KPMG, one of the Big Four accounting firms, is implementing a second round of layoffs for its US employees, affecting approximately 2,000 individuals. In the previous six months, KPMG had already laid off 700 employees in the US. The firm stated that these layoffs are necessary to align their workforce with the current and anticipated market demand.
The decision to downsize comes during a challenging economic period marked by rising inflation and interest rates. These factors have led to a decline in demand for certain services provided by KPMG, particularly consulting.
KPMG’s layoffs are not unique within the accounting industry. In May, Deloitte announced plans to lay off 3,000 employees in the US, followed by Ernst & Young’s announcement in June to lay off 6,000 employees in the US.
These workforce reductions reflect the broader economic challenges faced by businesses. As for the future, it remains uncertain how many more layoffs will be announced in the coming months.
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