KPMG Australia Axes 360 Employees and 27 Partners in Sweeping Restructure

KPMG Australia will minimize 27 companions and about 360 workers, roughly 5% of its workforce, as income slips and the agency absorbs the fallout from allegations that it misused confidential shopper data.

Chief Executive John Sams mentioned many of the affected roles are in the consulting arm, the place shopper demand has weakened. The agency will even merge a number of groups and align them extra intently with KPMG’s international advisory enterprise.

Revenue Slides as Consulting Demand Weakens

According to the agency, whole income for the yr ended June 30 reached A$2.257 billion, down 1% on the prior interval. Consulting income fell 16.9%. The agency attributed this to tender market circumstances and decreased authorities use of consultants.

Four of the 5 divisions nonetheless grew. Audit and assurance rose 11%, tax and authorized climbed 10.9%, mid-market and non-public gained 6.4%, and deal advisory and infrastructure added 3%.

Consulting nonetheless stays the biggest division by income at A$632 million. The Big Four agency cited financial weak spot, difficult market circumstances, and the fallout from its personal conduct and whistleblower circumstances among the many elements behind the layoffs.

“This will not be a call that has been taken evenly, and we all know it would have a really actual impression on folks,” Sams said.

The stress dates again to March, when Labor Senator Deborah O’Neill, who chairs the Parliamentary Joint Committee on Corporations and Financial Services, advised the Senate {that a} whistleblower alleged that confidential Lendlease board papers have been used to pursue audit tenders.

Commercial penalties adopted shortly. In June, KPMG mentioned it had voluntarily agreed to not bid for brand spanking new Commonwealth work till an impartial Department of Finance evaluation concludes, which the agency expects by the tip of September. That statement acknowledged that people throughout the agency had made errors.

Alongside the cuts, the agency is shifting its mid-market and non-public offers staff into deal advisory and infrastructure, and its advisory staff into consulting.

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2026 Layoffs Stretch Well Beyond One Sector

KPMG will not be an outlier in terms of job cuts. Layoffs.fyi recorded 127,180 expertise job losses throughout 264 corporations in 2026 up to now. That already exceeds the 122,606 cuts logged by the tracker throughout all of 2025.

The reductions span software program, retail, media, and skilled companies. Oracle disclosed a headcount drop of roughly 21,000 over its financial year in an annual report. Zillow, Google, Etsy, and TikTookay all introduced cuts in August.

Artificial intelligence (AI) explains a part of the shift, although not all of it. Uber minimize 10% of its customer support employees in July and tied the decision directly to an AI effectivity push. India’s largest non-public lender, HDFC Bank, ended its March monetary yr with 3,343 fewer employees.

Crypto companies have trimmed for various causes. Bitwise minimize roughly 14% of its workforce this month as market conditions soured, leaving headcount close to 155. Coinbase removed 700 roles earlier this yr.

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