KPMG Australia to fire hundreds of workers as crisis deepens
The consultancy giant will reduce its workforce by about 5 per cent.
KPMG Australia has announced plans to lay off nearly 400 employees, including 360 workers and 27 partners, as the audit and consulting firm struggles with the fallout from a whistleblower scandal and a decline in demand for its services. The company will reduce its workforce by approximately 5%, in response to ongoing economic challenges, difficult market conditions, and the impact of internal conduct and whistleblower issues.
Revenue for the year ending June fell by 1%, while consulting revenue dropped by 17%. KPMG Australia stated that the company is simplifying its structure to create more interconnected teams and align more closely with KPMG's global advisory services. The whistleblower scandal has exposed deeper issues within the audit and consulting industry in Australia, prompting the government to propose sweeping reforms, including enhanced regulatory powers and higher fines for non-compliance.
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