In a significant wave of layoffs affecting major accounting firms, KPMG has announced it will reduce its U.S. audit workforce by 4%, translating to approximately 330 employees. This decision, reported on November 4, 2024, is part of KPMG's strategy to align its workforce size and skills with current market demands. The firm had previously laid off 5% of its U.S. employees in June 2023 due to ongoing economic challenges [61a24718].
This announcement comes on the heels of PwC's recent decision to lay off around 1,800 employees, which represents 2.5% of its U.S. workforce and 0.6% of its global staff. The layoffs at PwC will primarily impact the advisory, products, and technology divisions, with notifications set to begin in October. This marks PwC's first major layoffs since 2009, coinciding with the anniversary of the 9/11 attacks [462bd33c].
Both firms are navigating a challenging economic landscape, which has seen significant job cuts across various sectors. In June 2023, U.S. employers announced nearly 49,000 job cuts, with the technology sector experiencing over 59,000 layoffs this year alone, reflecting a broader trend of workforce reductions [5db60084].
Additionally, companies like John Deere and Dyson have also announced layoffs, with John Deere cutting approximately 600 jobs due to decreased product demand and Dyson planning to eliminate around 1,000 positions in the UK as part of a global restructuring effort [74ed693a][3ed44a85].
KPMG operates in over 143 countries and employs more than 273,000 people globally. The firm, like its competitors, is adapting to the evolving market conditions and technological advancements, which have prompted a reevaluation of workforce strategies [61a24718].