Yes, KPMG has conducted layoffs recently, including cuts of about 195 US audit jobs in October 2025 and around 330 US audit roles in late 2024, affecting associates and managers, not partners. These workforce reductions, part of a broader trend among Big Four firms, aim to align staff with market demands, address lower-than-expected voluntary turnover, and adapt to increased efficiency from technology like AI, leading to ongoing restructuring.
The headcount reduction is the fourth in three years at KPMG, after two rounds of cuts in 2023 and one last year. The move also comes amid new leadership with Tim Walsh, a veteran of the US audit practice, taking the helm as US CEO July 1 and Christian Peo becoming vice chair of the audit business.
Most of the FRC's recent enforcement actions against KPMG came in 2022 and 2023, with the firm paying £45.4 million in eight fines for a host of failures and breaches on audits and advisory work conducted in the 2010s.
The boom started to dwindle in 2023, when Deloitte, EY, and KPMG made staff cuts. PwC US followed suit, laying off around 1,800 people in October 2024 and 1,500 more in May 2025.
The Big 4 are the largest accounting and auditing firms in the world: Deloitte LLP (Deloitte), PricewaterhouseCoopers (PwC), Ernst & Young (EY) and Klynveld Peat Marwick Goerdeler (KPMG). They're so big that their joint revenue in 2024 was—you guessed it—$212 billion.
The highest salary at KPMG consulting can exceed $400,000 annually at the director level, with total pay influenced by base salary, performance bonuses, and profit sharing. In rare cases, senior leaders or partners may earn higher, depending on business generation and long-term firm contributions.
Partner promotions at the Big Four accounting firms in the UK hit a five-year low for the 2025 cycle, underlining the sector's struggle to protect profits as slowing demand for consulting services erodes revenues.
In May 2024, KPMG partners approved the merger of its UK and Switzerland firms, which are working across audit, legal, tax, and advisory, and generating $4.4 billion annually.
KPMG has committed to providing those who have been laid off with severance benefits.
KPMG has reported faster revenue growth than its Big Four competitors for the second year running, demonstrating resilience amidst a global consulting slowdown and the rising disruption of artificial intelligence. For the 12 months ending in September, the firm posted global revenues of $39.8bn (c. £31.4bn).
Walmart (ISIN: US9311421039) is the company with the highest turnover in the world (685.08 billion US dollars) and is one of the largest retail groups and largest private employers in the world. The first Walmart was opened in 1962 by Sam Walton.
In May 2025, PwC laid off approximately 1,500 more U.S. employees (around 2% of its U.S. workforce), primarily in its audit and tax lines. Meanwhile, KPMG pursued additional cuts, including a round impacting roughly 4% of its U.S. audit workforce later in 2024.
Top performers get laid off all the time. In most instances, companies will let go teams based on skill sets needed in that moment, not because employees weren't demonstrating the skills they were initially hired for.
The "Rule of 70" in layoffs isn't a universal law but a common, informal company policy where an employee becomes eligible for enhanced severance or retirement benefits (like early retirement, better healthcare) if their age plus their years of continuous service total 70 or more, often requiring them to be at least 55 with 10 years of service. While Jack Welch's 10% Rule (firing bottom performers) is different, the Rule of 70 helps companies structure generous packages for long-term employees during restructurings, potentially avoiding age discrimination claims by offering attractive terms for older, experienced staff facing layoffs.
Average KPMG Manager yearly pay in the United Kingdom is approximately £71,932, which is 80% above the national average. Salary estimated from 769 past and present job postings on Indeed. Please note that all salary figures are approximations based upon third party submissions to Indeed.
The average salary of a Vice President at KPMG India in India typically ranges from ₹44.7 Lakhs to ₹52.8 Lakhs per year, depending on experience (from 6 years to 13 years). The top 10% of Vice President at KPMG India earn more than ₹60.0 Lakhs per year, and the top 1% earn over ₹63.0 Lakhs per year.