About 700 employees of KPMG, the professional services firm, may be affected as the organisation gears to axe two per cent of its workforce in the US.
This is the first time one of the Big 4 is axing jobs even though many financial institutions and firms have been cutting jobs of late considering the stormy macroeconomic environment.
As reported by FT, KPMG’s business continues to be strong despite the uncertainty surrounding some divisions.
Recently, KPMG was in the news for its new centre of excellence in Saudi Arabia. This CoE is being given information technology support by Microsoft, Ericsson and Metakey. The Centre will be used to develop and adopt metaverse and digital twin technologies in Saudi Arabia and the Middle East in general.
In the UK, last month, KPMG posted double digit growth for the second year in succession. It saw a 16 per cent rise in revenue from £2.35 billion to £2.72bn. Its profit before tax went up from £436 million to £449m in the 12 months to September 2022.
This extraordinary performance comes after the firm invested strongly, including £130m on new hires, alliances and technology in keeping with its long-term growth strategy. In May 2022, KPMG’s UK employees received a special overnight hike in the range of £2,000 and £4,000. This increment was so designed that the junior employees ended up enjoying the maximum benefit proportionally. The consultancy firm also gave away significant bonuses of over £105 million. In total KPMG’s yearly wage bill went up by £132m.
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