KPMG Laying Off Nearly 700 from US Advisory Workforce

KPMG LLP said Wednesday that it has cut close to 700 professionals from its US advisory practice—the result of slowing demand for services in areas that had seen meteoric growth in recent years.

The layoffs in the consulting practice equate to less than 2% of the firm’s US workforce. As in the tech sector, which has shed thousands of jobs in recent months amid slowing demand, inflation and high interest rates, the firm has been trying to hold the line on costs.

“We have experienced prolonged uncertainty affecting certain parts of our advisory business that drove outsized growth in recent ...