KPMG Australia is preparing to eliminate hundreds of positions and reduce partner compensation by up to 20%, according to reports from the Australian Financial Review.
The drastic restructuring comes as the firm grapples with severe reputational damage following whistleblower allegations that it used confidential client data to secure lucrative contracts.
The operational overhaul signals a significant shift in strategy for the Big Four member in the region.
Reducing partner pay by such a margin is an unusual step for a professional services firm, indicating the depth of the financial and reputational strain.
The job cuts are expected to affect multiple departments, though specific divisions have not been detailed in initial reports.
This development intensifies the ongoing crisis for KPMG in Australia.