failed retirement efforts – KPMG has announced plans to cut about 10% of its US audit partners after earlier efforts to encourage voluntary retirement did not yield the desired results, the Financial Times reports. KPMG says the job cuts are part of a long-term strategy. The decision was shared during an internal meeting, where staff were told that the size of the audit partnership had become larger than necessary compared to current business levels.

KPMG is one of the Big Four accounting firms along with Deloitte, EY and PwC. Based on its latest transparency report, its audit and assurance division consists of approximately 1,400 partners and managing directors.

The move comes as the company looks to improve productivity and restructure its workforce. KPMG had been trying to encourage more senior partners to retire early through voluntary schemes for several years, the Financial Times reported. However, these efforts did not attract enough participants, leading the company to take direct action.

The company informed its audit and assurance partnership about the cuts during a meeting on Wednesday, the report said. Affected individuals were also informed on the same day. Although KPMG did not disclose the exact number of people affected, the report said several dozen partners are expected to leave.

As the FT reports, KPMG said the decision is linked to its wider restructuring plans. “This action aligns with a multi-year strategy to align the size, shape and skills of our team with the strength of our audit platform to best serve our clients and protect the capital markets,” the company said. It added: “Our audit partner complement remains strong, and we are well-positioned to welcome more people into our partnership over time.

” “Partners who are leaving will receive a financial package and support to help them transition into new roles, reflecting the value they bring to KPMG and our clients,” the company said.