KPMG to Lay Off 4% of U.S. Advisory Workforce

KPMG is laying off approximately 4% of its U.S. advisory workforce, people familiar with the matter said. The move comes in response to weaker demand for regulatory and other services. The layoffs are expected to affect several hundred to over a thousand employees, given the size of KPMG's U.S. advisory practice.

The decision reflects a broader slowdown in advisory work, particularly in areas related to regulatory compliance, which had been a growth driver in recent years. The firm had previously expanded its advisory workforce to meet demand, but that demand has now softened. Spokespeople for KPMG declined to comment on the specific number of roles affected. The layoffs are part of a trend among professional services firms adjusting to changing market conditions.

Other consulting firms have also taken similar steps. The consulting industry as a whole has been grappling with a post-pandemic slowdown in advisory spending, as clients pull back on non-essential projects. KPMG's layoffs are the latest sign of that adjustment.