KPMG axes up to 400 staff within weeks as scandal deepens
KPMG is cutting up to 400 staff before Christmas. They are paying as little as the legal minimum redundancy after the whistleblower scandal.
KPMG Australia is preparing to cut up to 400 staff within weeks. This is due to fallout from the whistleblower scandal and government work ban.
Consulting boss Brad Miller told staff last week the cuts would happen fast. Departing workers could receive as little as the legal minimum redundancy.
That is around 12 weeks of pay for 10 years of service. Former CEO Andrew Yates got a $6.7 million payout after resigning in May.
This included $4.38 million in retirement payments. Former chairman Martin Sheppard got $1.82 million.
The firm's consulting revenue fell 17 per cent following damaging claims that confidential client data was accessed and used to win new business. The Department of Finance extended its ban on KPMG bidding for federal government work until February 2027.
- up to 400
- Staff being cut
- $6.7 million
- Yates total payout
- $1.82 million
- Sheppard payout
- 17 per cent
- Consulting revenue decline
Why it mattersHundreds of workers face financial strain. But executives who oversaw the scandal got substantially larger payouts. This raises questions about accountability and fairness. How did the firm handle this crisis?
AustraliaKPMG is a major Australian employer and adviser to government and business; job cuts will ripple through the professional services sector and reduce competition for consulting work.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
