Thursday, August 28, 2025
spot_img

KPMG to sack 700 employees due to economic slowdown

spot_img
- Advertisement -

A multinational professional services network, and one of the Big Four accounting organizations, KPMG will sack 700 employees due to the economic slowdown of nearly 2 percent of its workforce in the United States.

Initially, The job cuts were announced on February 15 by Carl Carande, Vice-Chair of KPMG’s US advisory business. A spokesperson for KPMG said in an emailed statement to Reuters, “Our business and outlook remain strong.”

“However, we have experienced prolonged uncertainty affecting certain parts of our Advisory business that drove outsized growth in recent years,” the spokesperson added.

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.

“2022 was a tale of two fintech markets. The variance between the first half of the year and the second highlights the rapid shift in investor sentiment amidst a combination of challenges — high inflation and rising interest rates, the lack of IPO exits, the downward pressure on valuations, and, of course, the turbulence in the crypto space,” said Anton Ruddenklau, Global Head of Financial Services Innovation and Fintech, KPMG International.

“But the news wasn’t all negative. Regtech, in particular, saw incredible investment in 2022, while seed-stage deals received excellent attention from investors after years of late-stage deals getting priority”, Anton Ruddenklau added.

In the year 2022, mass layoffs started with tech firms. Post that now the layoffs are affecting several others domains including financial companies that are reducing jobs in recent months. In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.

As of 2023, there have been 472 layoffs at tech companies with 137,906 people impacted (on an average of 2,934 people per day).

However, multiple reports suggest that the layoffs are the result of overhiring during the COVID pandemic.

spot_img

Editorial

Why TCS Deferred FY25 Salary Hike: Better Hike Ahead?

TCS had initially announced its annual salary hike during...

Deloitte, PWC, EY, KPMG to Hire 1 Lakh People in India in FY25

According to estimates from top company officials and industry...

Higher EPS Pension Application Stuck: A Step-by-Step Guide to Fix

Nearly 97,640 Provident Fund (PF) members and pensioners under...

Employee Benefits at India’s Big 4 Firms Deloitte, PwC , EY, KPMG

The Big 4 firms; Deloitte, PwC (PricewaterhouseCoopers), EY (Ernst...

TCS Announces 4-8% Salary Hike for FY25, Lowest in Last 4 Years

Tata Consultancy Services (TCS), India's largest IT services provider,...

Must Read

Karnataka Introduces AI-Powered Attendance System for Government Employees

Karnataka government is set to revolutionize attendance management for...

Mars Wrigley India appoints Nikhil Rao as Chief Marketing Officer

The chocolate and confectionary segment of Mars Incorporated in...

Infosys Terminates 240 Trainees: Performance Standards Under Scrutiny

Infosys, one of India's leading IT services companies, has...

IT companies to raise entry-level salaries for fresh graduates

As entry-level employees in India’s IT companies continue to...

OpenAI Begins Hiring Account Directors for New Delhi Sales Team

OpenAI, the artificial intelligence company behind ChatGPT, has officially...

Zepto HR Head Martin Gomez Quits; CEO Aadit Palicha Steps In

In a surprising turn of events, Martin Dinesh Gomez,...

Nucleus Software to onboard 500 fresher engineers by the end of 2021

Nucleus Software, a technology solutions provider company has announced...

Expedia cuts 3,000 jobs

Expedia has announced that it would be laying off...

Related Articles

Sheenu Pradhan
Sheenu Pradhanhttps://sightsinplus.com/
Sheenu Pradhan, Editor Content, SightsIn Plus. She has over 8 years of experience in human resources. Prior to this, she has been associated with Wictor Chemicals India, Wipro, and Shakti Plas Industry.