KPMG is preparing to reduce its number of US audit partners by roughly 10%, with around 100 partners set to leave the company.
According to a Wall Street Journal (WSJ) report, some of those affected are departing under early retirement arrangements. Others are being cut as part of a broader reshaping of the business.
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The accounting company said the adjustment is aimed at bringing partner numbers into line with the current scale of its audit work, not to address individual performance.
“This action is connected to a multi-year strategy to align the size, shape and skills of our team to the power of our audit platform to best serve our clients and protect the capital markets,” the publication quoted KPMG as saying in a statement.
KPMG added that the partners leaving will receive financial packages and support with finding new roles.
A January audit quality report shows that KPMG’s US audit operation has around 1,400 partners and managing directors. The current move concerns partners only; managing directors are not included in this round of cuts.
Large accounting companies have been rebalancing headcount after hiring aggressively during the pandemic period.
Lower-than-expected levels of voluntary departures in recent years have contributed to workforce reductions across the sector.
KPMG’s cuts were first reported by the Financial Times.
Last month, KPMG’s UK arm notified nearly 600 audit staff that their roles may be cut.
The employees were told their jobs are at risk and could be removed following a formal redundancy consultation.
