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KPMG Australia Plans to Cut 5% of Jobs, Warns Soft Conditions to Persist
KPMG said consulting revenue fell 17% as it braces for lost audit work and broader restructuring after a whistleblower data breach.
- On Monday, KPMG Australia announced it will cut 360 employees and 27 partners, with Chief Executive John Sams informing the firm's 9,000 employees via an all-staff call at 10:30 a.m.
- Revenue fell to $2.26 billion this year, driven by a 17 per cent plunge in consulting, as Sams cited 'continued economic weakness, difficult market conditions and the impact of the firm's conduct and whistleblower matters.'
- KPMG has faced scrutiny since a whistleblower revealed partners accessed confidential client data to win business; the firm is restructuring to create integrated teams aligned with KPMG International's global advisory services.
- Federal inquiries probe why the firm allegedly shared client information, while former chief operating officer Eileen Hoggett was sacked over the matter; others resigned with retirement packages intact.
- Economic growth is expected to remain subdued until at least 2028, affecting client investment; the firm undertakes internal and external reviews to inform its Action Plan while rebuilding trust with 13,000 clients.
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Scandal-hit KPMG Australia to cut nearly 400 jobs, warns of difficult ...
·London, United Kingdom
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KPMG Australia cuts 400 jobs amid ongoing scandal, slowed demand for consulting services: Report
KPMG Australia is cutting around 400 jobs, or 5% of its workforce, amid weak economic conditions, falling consulting demand, and the fallout from a scandal involving confidential client information. Revenue and partner pay also declined, while its CEO expects tough conditions to persist
·New Delhi, India
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Times of IndiaReposted by 
Free Malaysia Today News
Free Malaysia Today NewsScandal-hit KPMG Australia to cut nearly 400 jobs, warns of difficult market
KPMG Australia plans to cut about 5% of its workforce, affecting 27 partners and around 360 employees, mainly in consulting and business services. The firm reported a 1% decline in annual revenue to A$2.257 billion as government consulting demand weakened, while warning subdued economic growth could persist until 2028.
·India
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Coverage Details
Total News Sources16
Leaning Left4Leaning Right6Center4Last UpdatedBias Distribution43% Right
Bias Distribution
- 43% of the sources lean Right
43% Right
L 29%
C 28%
R 43%
Factuality
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