Bloomberg reported yesterday that KPMG has once again let a batch of people go, this time about 195 in audit which works out to 2% of the total audit army.
“We are changing what we do and how we work,” the firm said in a statement to Bberg. “Our multi-year audit transformation is driving changes in how we conduct our audit and assurance services. We are also balancing the need for new skills to meet changing market demands against persistently low attrition.”
Reddit is being really supportive to the recently-axed:
Not that we need to tell any of you working on a LAF but marking the occasion seems appropriate. For those of you would like to know just what the hell it is we’re talking about, March 1st is the 
So much for having difficulties in finding enough US qualified graduates. Is it too late to go back to the 150 hour requirement?
30 credits in volleyball at the community college doesnt make people more qualified
I’d have to imagine 195 people is also roughly similar to the amount of people that decide to give notice after busy season. Is 2% ever really considered significant with respect to public accounting workforce?
Surprised the usual anonymous poster hasn’t said one of the following:
“good, they trimmed the fat”
“good, they over hired during covid”
“good, these lazy millennials and gen z’ers earned it”
It’s a rough job market, and I feel for those affected, they will definitely have it harder landing their next role because of this…wild they worked at one of the top firms in the country/world and still will have to convince people in interviews they are not discarded trash.
It’s not just accounts. The firm has also riffed admins, the ASK group, a type of admin service, and 140 partner “retired” the last week of September
I suspect AI is behind a lot of these moves. Great for the bottom line, not great for the employees.