KPMG Australia is cutting 387 jobs as the firm faces growing business pressure. The cuts include 27 partners and 360 employees. Chief executive John Sams announced the decision during an all-staff meeting on Monday. He also warned that tough times could continue into 2027 and beyond.
The accounting giant is struggling with a major drop in consulting work. Its 2026 revenue fell slightly to $2.26 billion. Consulting revenue also dropped by 17 per cent. Meanwhile, the firm expects more pressure on its audit business. Several major clients are considering moving to other auditors.
KPMG is also dealing with the fallout from a major whistleblower scandal. Some senior partners accessed confidential client information to help win new business. The breach damaged trust between KPMG and its clients. Sams admitted the firm must face “the challenges created by our own failings.” He said KPMG must continue working to rebuild trust.
The scandal has already cost several senior figures their positions. Former chief operating officer Eileen Hoggett was sacked after an investigation by Allens. Former chairman Martin Sheppard and former chief executive Andrew Yates have also left. KPMG says more investigations will be completed in the coming months.
“We know there is more to do,” Sams said.
The firm now faces a difficult road as it tries to cut costs and rebuild its reputation.
