Big Accounting Firm to Cut Back: KMPG...
From Times Staff and Wire Reports
Big Accounting Firm to Cut Back: KMPG Peat Marwick, the nation’s second-largest accounting firm, will dismiss 300 of its 1,875 partners--about one in six--because of the economic downturn, its chairman confirmed. Jon C. Madonna of San Francisco said the cuts are necessary to improve Peat’s productivity. The firm lagged others in revenue per partner, he said. The reduction, the latest in an ongoing industry consolidation, will drop the firm into third place among U.S. accounting operations.
