KPMG dismisses 5% staff and reduces pay
KPMG Australia plans to lay off 360 employees and 27 partners, approximately 5% of its workforce, following a scandal involving some senior partners using confidential client documents to secure new contracts. This incident has led to a political crisis and a decline in the company's business. The firm also intends to reduce the average partner salaries by 13%, with weak growth expected to continue until 2028 due to declining consulting activities, reductions in government work, and the impact of artificial intelligence technologies on the professional services market. This move comes after the company's revenues dropped by 17% over the year, amid ongoing challenges resulting from allegations and changes in the consulting industry.
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