Jobspocalypse arrives at Big Four accounting firms

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Late last month, Deloitte told its staff that it would cut its workforce by 7% because of the impact of COVID-19. This followed Deloitte already asking staff to take a 20% pay cut for five months from May to September.

Rival firm PwC also cut 400 roles last month, whereas KPMG cut 200 jobs in March.

The other big four firm, EY, has yet to announce any redundancies. However, it did implemented a cut in work hours and pay from 1 May to 30 June.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.