KPMG, a worldwide consulting firm, is implementing layoffs that will affect approximately 2 per cent of its workforce in the United States. This decision is attributed to a "sharp slowdown in its consulting business" and is expected to impact around 700 employees.

As per The Financial Times, KPMG has taken the lead among the Big Four accountancy firms by initiating job reductions in response to the prevailing global macroeconomic conditions.

Carl Carande, Vice Chair of KPMG's US advisory business, explained that the job cuts were necessary to "better align our workforce with current and anticipated demand in the market."

Similar to the other major accounting firms (EY, Deloitte, and PwC), KPMG has encountered challenges due to the decline in merger and acquisition activity, adversely affecting its deal advisory business, as reported.

"We continue to have more people than needed to meet current demand. The reductions are spread across the US and across the consulting business, but do not include any partners," Carande wrote in an internal memo.

Following the pandemic, the Big Four financial accounting firms experienced a surge in demand for IT consulting and deal advisory work, prompting them to embark on a hiring spree.

Media reports indicate that last month, global investment firm Goldman Sachs terminated over 3,000 employees through disguised business meetings scheduled as early as 7:30 a.m. These meetings with senior managers were intentionally labelled with "false pretences" on the Google calendar.

Indian workers were significantly affected by the layoffs in the global financial services company, and several impacted individuals, including IITians and IIM graduates, took to various social media platforms to share their distressing experiences.