KPMG will reportedly shed 5% of its U.S. employees amid economic headwinds and historically low attrition, a spokesperson for the accounting firm said on Monday.
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At the end of its last fiscal year on Sept. 30, the company employed more than 39,000 employees around the U.S.
“We do not take this decision lightly. However, we believe it is in the best long-term interest of our firm and will position us for continued success into the future,” KPMG said in an emailed statement.
KPMG is part of a series of companies making staff reductions ahead of a potential economic downturn later in 2023.
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Last week, Ford was reportedly preparing for another round of layoffs. Earlier this year, the automaker announced it was beginning a 3,800-person reduction in its European workforce.
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In April, Ernst & Young’s U.S. division let go of 5% of its staff, while Deloitte also reported job cuts. That same month, Gap reduced 1,800 positions, Disney shed 7,000 employees in its second round of layoffs and 3M let go of 6,000 workers in its second round of job cuts.
In March, Meta’s third round of job cuts kicked in as 1,000 positions were eliminated, with job cuts across the board up 15% that same month.
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Reuters and FOX Business’ Ken Martin contributed to this report.