In response to “economic headwinds, coupled with historically low attrition,” a KPMG representative announced on Monday that the Big Four accounting giant is firing 5% of its U.S. workforce.
According to Reuters, at the end of its most recent fiscal year, which ended on September 30, the company had nearly 39,000 employees working there.
The first of the four largest accounting firms in the world to reduce employment in the country was KPMG, which, according to a Financial Times report, slashed around 2% of its U.S. personnel in February.
The company said that the most recent round of job losses would continue through the remainder of its 2023 fiscal year.
“We don’t make decisions like these carelessly. However, we think it will prepare us for future success and is in the greatest long-term interest of our firm,” KPMG stated in an email statement.
In preparation for a likely economic slowdown later in the year, a number of businesses have reduced their personnel.
The Big Four accounting firms are EY, Deloitte, PricewaterhouseCoopers, and KPMG.
