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September 26, 2023

Layoff Watch ’23: KPMG Let Some Advisory People Go Today

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Article photo from a scathing review of KPMG’s metaverse space

Alright folks, the moment we’ve been saying wasn’t going to happen to us now has: layoffs are here. Bet you feel dumb for saying firms won’t be laying anyone off because they don’t have enough people to lay off eh? I know I do.

We’ve been informed that layoffs began today in KPMG’s advisory practice, less than 2% of the workforce has been axed. According to a statement provided to us by KPMG which you’ll get to read in full momentarily, the firm has experienced “prolonged uncertainty affecting certain parts” of the advisory business.

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. We have reduced expenses and prioritized investments in those areas and remain confident in the future of our firm and these services. However, we are taking prudent actions to match our resources to the needs of the market today.

These actions are incredibly difficult and impact people’s lives. We are supporting our colleagues with a holistic package that includes severance, healthcare, emotional and well-being support, career counseling, and learning and development opportunities.

We continue to make strategic investments for the future of our business and to deliver with quality and excellence in FY23 and beyond. In these moments, we lead with our values and are focused on supporting all of our colleagues.

We don’t have a whole lot of information beyond that. Apparently there was some ominous all-hands call earlier today and those who were let go were informed earlier today.

No one panic, this could just mean KPMG overhired in advisory and needed to cut the bench. If you know otherwise, please get in touch.

This didn’t age well.

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  1. Paul Knopp needs to go. He’s been the worst ceo. We are letting so many great people go. This is very sad.

    1. True. I had high hopes for Knopp but he’s been a disappointment like Lori Lightfoot. He’s more concerned about checking off his ESG tick marks than actually running the business.

  2. Certain advisory partners and md especially in Risk Assurance practices are good for nothing. Its a shame if no partner and md got impacted. Few partners know nothing more than 1 client and offer 1 service in their entire career. If it was external they would have been rotated out.

  3. I work at one of the other Big4s and I’ve been told by HR to provide them with a list of low performers by x date.
    It’s coming, 2023 will be the next 2008.

    1. The cuts were mostly at the Senior associate level and in Deal Advisory, which drove our outsized growth in 2021-2022.

  4. So none of these folks could be ‘retooled’ to other areas? The management statement make no sense – but they can lie to the public about their strong business.

    >>Our business and outlook remain strong. <<

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