PracticeConsultingConsultant cuts 5% of workforce

Consultant cuts 5% of workforce

KPMG Consulting yesterday announced it was axing between 450 and 550 employees in Canada and the US.

The firm blamed falling demand for the company’s services for the redundancies – which equal about 5% of its global workforce.

‘While overall our business continues to grow, we have seen weakened demand for some services, predominantly in the financial services sector, during the latter part of the March quarter,’ said Rand Blazer, KPMG Consulting chairman and chief executive.

KPMG Consulting, which floated on NASDAQ in February, is the latest consulting firmto cut its workforce amid warnings of a global economic slowdown. PriceWaterhouseCoopers last week said it plans to cut as many as 1,000 jobs, or 8% of its 12,000 employees, at its US consulting unit.

On 1 May 2001 KPMG Consulting plans to release third quarter results and is expected to announce continued revenue growth. Shares in the consultancy yesterday closed up more than 19% at $16.

Links

KPMG launches consulting IPO

Testing times ahead for big firms

Accenture votes to proceed with float

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer