Home / Business and Economy / KPMG Cuts 10% of US Audit Partners Amid Strategy Shift
KPMG Cuts 10% of US Audit Partners Amid Strategy Shift
24 Apr
Summary
- KPMG is reducing its US audit partner count by approximately 10%.
- The firm previously attempted voluntary early retirement without sufficient results.
- Affected partners will receive financial packages and placement support.
KPMG is set to reduce its US audit partner headcount by approximately 10%, a move impacting around 100 individuals. This decision comes after efforts to encourage voluntary early retirements did not yield sufficient exits. The firm, one of the Big Four accounting firms, employs about 1,400 partners and managing directors in its audit division.
This action is described as part of a long-term strategy to align the audit team's size, shape, and skills with the firm's platform. KPMG aims to enhance client service and protect capital markets. Partners affected by these cuts will receive financial support and placement assistance, acknowledging their contributions to the firm and its clients.
Despite these reductions, KPMG asserts that its US audit business is experiencing growth. The firm currently audits about 10% of SEC-registered companies, positioning it behind competitors like Deloitte, EY, and PwC in terms of market share within the US.
