Amid what is widely seen as an extremely tight labor market for the accounting profession, Big 4 firm KPMG is set to cut close to 2% of its U.S. workforce, according to the Financial Times. While a variety of financial firms including banks and asset managers have announced job cuts over the past several quarters, KPMG’s move is a first among the Big 4.
“Our business and outlook remain strong,” the firm said in statement to Reuters. “However, we have experienced prolonged uncertainty affecting certain parts of our advisory business that drove outsized growth in recent years.”
The move will affect about 700 employees.