KPMG is in deep trouble after being banned from federal contracts until September, amid a 1% revenue drop to $2.5 billion and a brutal 17% plunge in consulting revenue. New CEO John Sams warns tough times are ahead, while audit and tax divisions bucked the trend with growth. The firm’s cutting 5% of its workforce—about 360 employees—to weather the storm, following a scandal involving contract-bid espionage and whistleblower abuse. Multiple internal and external reviews are underway, and several states have paused deals with KPMG, which still holds $653 million in active federal contracts.
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