KPMG Australia's troubles deepen as it cuts 5% of its workforce
The Big Four firm plans to cut hundreds of employees as its annual consulting revenue falls 16.9% and a whistleblower-led scandal continues.
KPMG Australia is facing significant challenges as it plans to reduce its workforce by approximately 5%, according to its annual earnings release. The consulting business has experienced a 16.9% decline over the past year, exacerbated by a major scandal involving the misuse of confidential client information for bidding on audit contracts.
The company has experienced slower demand for consulting services and ongoing whistleblower allegations. KPMG Australia employs roughly 10,000 people, including 600 partners, and the layoffs will primarily affect the consulting division. KPMG's CEO, John Sams, acknowledged the firm's failings and the need to rebuild trust, while expressing expectations for subdued economic growth until at least 2028.
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