KPMG lays off 10% of US audit partners

KPMG is eliminating approximately 100 of the partners in its U.S. audit and assurance practice, or about 10% of the partners in that practice, after not enough of them accepted a voluntary early retirement program.

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The New York-based Big Four firm characterized the job cuts as a form of rightsizing and a multiyear effort to get the ratio of partners right. It emphasized that the layoffs were not performance related, but declined to specify how it determined which partners would be let go.

The firm maintained that its business remains strong and pointed to audit client gains in 2024 and 2025, according to statistics from Ideagen Audit Analytics.

“Our audit business is strong, and this action reflects our ongoing commitment to sustaining audit quality and leading the profession into the future,” said a statement forwarded by a KPMG spokesperson. “This action is connected to a multiyear strategy to align the size, shape and skills of our team to the power of our audit platform to best serve our clients and protect the capital markets. Our audit partner complement remains robust, and we are in a better position to welcome more people into our partnership over time. This action follows a voluntary early retirement program, which has been in place for several years. Partners who are leaving will receive financial packages and placement support reflecting the value they have delivered for KPMG and our clients.” 

Last October, KPMG cut 195 staff members from its U.S. audit practice, and last month, KPMG’s U.K. firm cut nearly 600 staff members in its audit practice. In 2023, KPMG laid off nearly 700 people in its advisory business, or close to 2% of its total staff in the U.S.

KPMG’s U.S. audit and assurance practice has about 1,400 partners and managing directors, according to a 2025 audit quality report it released in January, but the Wall Street Journal noted that managing directors aren’t part of the latest cuts.