Grant Thornton has reportedly laid off around 300 US employees, accounting for about three percent of its workforce in the country.
The job cuts are in response to a decline in demand for advisory and tax services provided by the firm.
Those affected, primarily from the advisory and tax divisions, were let go by the end of Thursday, May 25.
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The accounting firm employs around 9,000 people in the US and over 68,000 globally.
This move by Grant Thornton reflects a trend seen in the professional services industry, with several large firms making cuts in recent months, particularly in their consulting departments.
During the Covid-19 pandemic, there was a surge in demand for consulting services as companies sought external assistance to adapt and strengthen their operations.
However, many companies have scaled back on consulting services due to concerns over an economic downturn.
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In April, Ernst & Young announced plans to cut around 3,000 employees in the US, primarily in their consulting division, as they evaluated the current economic conditions.
This reduction represented less than five percent of its total workforce.
Similarly, KPMG announced layoffs of several hundred employees in their consulting division in February.
Grant Thornton cited a slowing economy and “pockets of underutilization” as the reasons behind the layoffs.
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However, the firm did not disclose the exact number of affected employees.
It mentioned staffing adjustments are being made to invest in areas of the business that have higher growth potential.
Grant Thornton said: “We value the contributions of all team members and are providing severance benefits and professional outplacement services to help affected professionals transition to new opportunities.”
CEO Seth Siegel addressed the layoffs during a recent town hall, explaining
the firm closely monitors business conditions and has observed a decrease in demand in certain business divisions.
