KPMG Australia fires hundreds of employees, cuts partner salaries after audit scandal
The Big Four firm will lay off 5% of its staff in the country and cut remuneration by 13% due to the collapse in consulting revenues.
KPMG's Australian arm is cutting 5% of its workforce and reducing partner remuneration by 13% due to a significant decline in consulting revenue. The firm, one of the Big Four accounting firms, is letting go of 360 employees and 27 partners, mainly in its consulting division, and will restructure some teams. KPMG has approximately 9,000 employees in Australia and saw a 17% fall in consulting revenue in the past year. The firm expects moderate growth to continue until at least 2028, according to its new CEO John Sams.
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