Key facts
- KPMG Australia plans to cut hundreds of jobs, potentially over 1,000 positions.
- Partner pay is set to be reduced by up to 20%.
- The cuts are linked to a scandal involving allegations of misusing confidential client information to win contracts.
- The firm is assessing client bookings to gauge the impact on its work pipeline.
- KPMG Australia employs approximately 9,000 to 10,000 staff and has 600 to 700 partners.
KPMG Australia is preparing to implement significant job cuts, potentially affecting over 1,000 employees, and reduce partner remuneration by up to 20%. These measures are reportedly a consequence of a scandal involving allegations that staff misused confidential information to secure contracts, impacting the firm's business pipeline.
Senior leadership at the firm, which employs approximately 9,000 to 10,000 staff and has between 600 and 700 partners across Australia, is currently scrutinizing client bookings. This review aims to quantify the hit to the firm's future work and identify cost-saving strategies to mitigate the financial fallout.
The Australian Financial Review has reported on the impending layoffs and pay cuts, citing sources familiar with the matter.