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.
29 Articles
29 Articles
The Australian KPMG unit, involved in a scandal about the misuse of confidential customer information, said on Monday that it will cut about 5% of its workforce, affecting 27 partners and approximately 360 employees, as well as alerting to difficult market conditions next year. Most of the staff reduction will occur in its consulting divisions and business services. KPMG Australia president John Sams, who assumed command in July, stated in a not…
Scandal-hit KPMG Australia to cut nearly 400 jobs, warns of difficult ...
Nearly 400 Jobs to Go as Auditing Giant Cuts Workforce After Government Contract Ban
A major consultancy firm that has been under fire for practices in its audit business will cut its local workforce after being suspended from applying for government contracts. KPMG, which is one of the top four firms behind Deloitte, PwC and EY, on Aug. 24 revealed its annual revenue fell 1 percent to $2.5 billion (US$1.79 billion) in fiscal 2026. It also warned the outlook for the new year remained difficult. “We expect difficult market condit…
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