KPMG’s advisory business was adversely impacted by the decline in acquisition activity. (file)
New Delhi:
KPMG said on Wednesday that it would cut 2 per cent of its workforce in the US. feet reported citing an internal announcement.
According to the report, around 700 people will be affected by the job cuts.
Karl Karande, vice-chairman of KPMG’s advisory business, said the decision to cut jobs was taken because the firm needed to “better align its workforce with current and anticipated demand in the market”.
According to feet According to the report, KPMG, like the other big four firms – EY, Deloitte and PricewaterhouseCoopers, is going through a gloomy phase due to a decline in merger and acquisition activity. This adversely affected its deal advisory business and reduced consulting demand.
“We have experienced prolonged uncertainty affecting certain parts of our advisory business, which has experienced enormous growth in recent years,” KPMG said. ft.
The report said KPMG was trying to cut expenses by delaying new hiring, cutting travel expenses and deploying advisory staff in the company’s audit and tax departments.
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