KPMG walked into a recent parliamentary hearing under pressure, then watched its ethics record compared to a basic training failure in front of senators. The appearance followed serious whistleblower complaints about the firm’s handling of confidential documents, which professional bodies described as fundamental ethics breaches.
Trouble has intensified for the firm since that moment.
In the weeks after the hearing, KPMG has confronted a cascade of fallout, including multiple new investigations into its conduct and the resignation of key figures. Several high‑earning rainmakers have departed, weakening parts of the advisory and consulting business that previously drove growth.
Internal unease has grown as partners and staff wait for clarity on accountability. Morale is increasingly fragile.
Financial pressure is now landing directly on KPMG’s workforce and partnership. Reporting by The Australian Financial Review reveals the firm is planning to cut hundreds of roles across its operations in response to the turmoil.
Partners are also being asked to absorb pay reductions of up to 20%, a significant hit for senior leaders used to robust earnings.
