KPMG was the first US Big Four firm to cut jobs amid a weaker economy and reduced demand for consulting services – laying off 700 people in its advisory wing.

The cuts, which were announced Wednesday in an internal memo, affect nearly 2% of KPMG US’ workforce. None of the layoffs were partners.

Carl Carande, vice-chair of the US advisory business, said in the memo the staff reductions were required to “better align our workforce with current and anticipated demand in the market.”

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