Layoffs wave 2023: Consulting firm KPMG to cut jobs

Layoffs continue to plague employees. After tech companies, now KPMG is cutting close to 2% of its staff in the US after a sharp slowdown in its consulting business, becoming the first of the Big Four accountancy firms to respond to the weaker economy with systematic job reductions, reported Financial Times. 

According to reports, the cuts, which will affect close to 700 people, were announced internally. 

FT further added that like other Big Four firms, KPMG has been struggling with the collapse in merger and acquisition activity, which has hit its deal advisory business, and easing demand for IT and strategic consulting.