KPMG cuts 700 employees in the US as economy slows
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KPMG has decided to lay off about 2% of its workforce in the US, becoming the first among the world's four biggest accountancy firms to cut jobs in the country. Carl Carande, the vice-chair of KPMG's global advisory business, announced the decision internally, reported the Financial Times. The accounting giant has been struggling due to a fall in merger and acquisition activity.