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June 30, 2023

‘Economic headwinds’: KPMG to reduce workforce by 5%

PHOTO | COSTAR Downtown Hartford’s Gold Building.
By Andrew Larson

KPMG, one of the world's four largest accounting firms, announced this week that it will lay off 5% of its U.S. employees, according to Reuters.

The company has two Connecticut locations, in Stamford and in Hartford’s Gold Building. As of November 2022, KPMG reported 572 Connecticut employees, including 187 in Hartford, according to Hartford Business Journal’s Book of Lists. 

KPMG cited "economic headwinds, coupled with historically low attrition” as the reasons for the reductions.

“We do not take this decision lightly,” the company said in a statement. “However, we believe it is in the best long-term interest of our firm and will position us for continued success into the future. We are focused on supporting our impacted colleagues with severance, access to health care and well-being benefits, and career transition services.”

KPMG cut about 2% of its U.S. workforce in February, according to Reuters, citing a Financial Times report.

KPMG has more than 35,000 employees and partners in the U.S. across more than 100 offices, according to its website.

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