KPMG has announced a reduction of approximately 330 positions from its US audit practice, representing nearly 4% of its 9,000-person audit workforce, as the firm grapples with historically low employee turnover and evolving market demands.

KPMG LLP said Monday that it has cut roughly 330 people from its US audit business to combat near historic low employee turnover rates.Employees learned last week of the layoffs that affect less than 4% of the firm’s audit workforce of nearly 9,

The Big Four accounting firm notified roughly 330 people in the U.S. audit business they would be let go, people familiar with the matter said.

(Reuters) -KPMG will lay off less than 4%, or about 330 people, of its audit workforce in the United States, a source familiar with the matter said on Monday. Besides KPMG, Ernst & Young, Deloitte, PricewaterhouseCoopers make up the Big Four of accounting firms.

Despite the recent layoffs, KPMG's audit division has grown, generating $3.7 billion in revenue in 2023. This highlights its critical role within the firm's broader services portfolio

KPMG, one of the Big Four accounting firms, recently announced that it will let off about 330 workers, or less than 4% of its U.S. audit workforce, in an effort to adapt shifting market conditions.