KPMG Australia slashes 387 roles as scandal and market decay collide

The cuts fall heaviest on the consulting division, which saw revenue shrink by 16.9% over the fiscal year ending June 30. Despite growth in other sectors, the firm’s total annual revenue dipped 1% compared to the previous year. New CEO John Sams, who took the helm in late July, warned that economic growth will likely remain subdued until 2028, forcing the firm to aggressively trim costs to match current market conditions.

Beyond the macroeconomic headwinds, the firm is grappling with the fallout from the misuse of confidential client information. The scandal has already triggered the resignations of the CEO, chairman, and audit head. Senator Deborah O'Neill, chair of the parliamentary committee overseeing the inquiry, noted that additional whistleblowers continue to report systemic behavioral issues. Sams acknowledged these failures, admitting the firm faces a long road to rebuild institutional trust while navigating a wider trend of downsizing seen across the Big Four, including a recent 400-person cut at KPMG’s U.S. branch.