“Current market conditions mean our attrition rates are very low within certain parts of our audit population, which is why we are proposing to right-size those areas,” said a KPMG UK spokesperson.
The firm has alerted nearly 600 audit staff that their positions may be at risk, with up to 440 employees expected to leave following a consultation process. This move represents about 6 percent of the audit division’s workforce, which totals 7,100.
The layoffs primarily target assistant managers who are qualified accountants, a significant shift in a sector that has seen rapid hiring in recent years.
KPMG is not alone in this trend; the broader consulting industry has been quietly pulling back after years of aggressive expansion. The firm is set to cut more than 500 staff across its operations, including 120 roles in the advisory arm.
This decision follows KPMG’s steepest cuts in 2023 compared to competitors Deloitte, EY, and PwC, highlighting the ongoing challenges in the auditing industry.
“This isn’t a decision we take lightly, and we will support our people throughout this consultation,” the spokesperson added, emphasizing the firm’s commitment to its employees during this difficult time.
Details remain unconfirmed regarding the exact timeline for the consultation process, leaving many employees anxious about their future.
As KPMG navigates these turbulent waters, the impact on its workforce and the wider industry will be closely monitored.
