KPMG to cut up to 250 jobs in major AI and $80m cost-cutting overhaul

KPMG to cut up to 250 jobs in major AI and m cost-cutting overhaul
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KPMG will cut up to 250 senior jobs in its major AI-driven and $80 million cost-cutting overhaul to its consulting business.

The accounting firm today announced its plan to restructure and simplify the division to align itself with global counterparts and meet future demand.

National managing partner of consulting Paul Howes said the firm would focus on emerging technologies, including AI, to evolve the business.

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“Our clients are expecting us to help them leverage technology to transform their businesses at a much faster pace,” he said.

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“The traditional ways of working, and some of the legacy assessment and advice services our firm has offered the market, are no longer in the same demand.

“We must now make a rapid, foundational shift to our business to adapt to this generational change.”

Howes said about 250 roles will be impacted in some way, including redundancies, which is estimated to save the business an additional $80 million each year.

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“Some teams will transition to other divisions of the firm, and we will be looking to redeploy and upskill as much as possible into areas of high demand, ensuring people with the right skills are in the right places,” he said.

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It’s not clear exactly how many staff will lose their jobs in the restructure. 

KPMG has handed down its blueprint for the restructure and will now move into a consultation period before the plan is finalised in August.

Those whose jobs will be impacted will be contacted by June 21. 

The news comes days after the firm launched KymTax – a generative AI tool designed to help tax professionals comb through legislation, materials and documents.

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