Audit giant KPMG, which is among the 'Big four,' is conducting another round of layoffs after already firing around 700 employees earlier this year.?
KPMG is laying off 5% (nearly 2,000) of its U.S. employees this time, after feeling the pinch of "economic headwinds, coupled with historically low attrition," a spokesperson for the Big Four accounting giant said on Monday.?
The latest round of job cuts would take place through the rest of its 2023 financial year, the audit giant said, adding in its statement?"We do not take this decision lightly. However, we believe it is in the best long-term interest of our firm and will position us for continued success into the future."
KPMG had over 39,000 employees in the U.S. at the end of its last fiscal year on September 30, as per Reuters. KPMG's layoff announcement comes after many big tech giants, such as Microsoft, Google, Intel, HP, Dell etc have already announced mass layoffs this year.
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KPMG, which had already cut about 2% of its U.S. workforce (about 700 employees) in February,?was the first of the world's four biggest accountancy firms to slash jobs in the country as per a Financial Times report.
Several companies have trimmed their headcount as a preventive step in anticipation of a potential economic downturn later in the year. Already, the entire Eurozone has fallen into recession.
Earlier this year?in April, Ernst & Young's U.S. division shed 5% of its workforce. Deloitte had also reported having slashed jobs.?Besides KPMG, EY, Deloitte and PricewaterhouseCoopers (PwC) make up the Big Four of accounting firms.
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