Accounting giant KPMG is set to cut five percent of its US workforce citing economic headwinds and low attrition rates.
The firm, which had over 39,000 employees in the US at the end of its previous fiscal year, plans to implement the job cuts throughout its 2023 financial year.
The company said: “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.”
This move follows a previous reduction of about two percent in February, making KPMG the first among the four major accounting firms to initiate job cuts in the country.
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In an email statement, KPMG acknowledged the weight of its decision and emphasized its long-term interest and pursuit of continued success.
The firm is not alone in downsizing its workforce as companies across various industries brace for potential economic challenges later in the year.
Ernst & Young’s US division previously reduced its headcount by five percent in April, and Deloitte also reported job cuts.