KPMG Trims US Audit Staff by 4% to Counter Low Turnover Rate

KPMG LLP said Monday that it has cut roughly 330 people from its US audit business to combat near historic low employee turnover rates.

Employees learned last week of the layoffs that affect less than 4% of the firm’s audit workforce of nearly 9,000 people, a source familiar with the firm’s strategy said.

“The actions reflect our ongoing focus to align the size, shape and skills of our workforce to the market, while addressing continued low levels of attrition,” the firm said in a statement.

Despite the staffing cuts—first reported by the Wall Street Journal— KPMG’s audit business is ...