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☆ $20 an hour, clothing stipend, meals: How a Big Four firm is trying to get teens interested in accounting
▼ + stars: | 2023-07-28 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

By her own admission, Autumn Kimborough, 17, didn't have a passion for accounting. But the rising high school senior from Flossmoor, Illinois, heard about a well-paid summer internship at KPMG, which included a $250 clothing stipend, and got excited. Nearly 200 teenagers are participating in the summer internship program, which pays $20 or $22 an hour plus clothing and transportation stipends and meals, and includes a business etiquette class, among other skill-building tools. "I had some preconceived notions that it's sitting at a desk," Kimborough said, about being a CPA. "Now I've learned that with accounting you can travel and meet people and that drew me in."

Persons: Jennifer Flynn, Flynn, Kimborough Organizations: KPMG, Big, Finance, CPA Locations: Flossmoor , Illinois

☆ Rejection rates on new loan applications have hit the highest since 2013, says KPMG's Diane Swonk
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRejection rates on new loan applications have hit the highest since 2013, says KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss increased rejection rates on new loans, the Fed's policy plan through November, and the spillover effects of ongoing labor strikes in America.

Persons: Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG Locations: America

☆ KPMG is making a $2 billion bet on AI. It's another example of big changes that are coming to the workplace.
▼ + stars: | 2023-07-14 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

KPMG is betting big on AI — another sign the technology's use is spreading fast. They plan to jointly develop generative AI tools for areas like the supply chain and cybersecurity. Through their tie-up, the companies plan to jointly develop generative AI tools for KPMG's employees and clients, he said. On the cybersecurity defense front, generative AI can help interpret a range of data to provide quicker information about potential threats and how to respond to them. "But generative AI provides a huge head start."

Persons: Carl Carande, Microsoft didn't, Carande, We're Organizations: KPMG, Microsoft, Morning, Reuters

☆ KPMG to invest $2 billion in AI, cloud services
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - KPMG said on Tuesday it will spend $2 billion on artificial intelligence and cloud services through an expanded partnership with Microsoft (MSFT.O), closely following Accenture (ACN.F) in betting on the latest technologies to weather a slowdown in advisory deals. The accounting firm said it will incorporate AI into its core audit, tax and advisory services for clients as part of the five-year partnership. Professional services firms face a slowdown in business as their customers downsize or hold off on consulting and transformation projects to save costs in a challenging macro economic environment. The expanded partnership will help support KPMG's clients and 2,500 customers serviced jointly by KPMG and Microsoft. Reporting by Lavanya Ahire, Chandni Shah and Yuvraj Malik in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Lavanya Ahire, Chandni Shah, Yuvraj Malik, Shounak Dasgupta Organizations: KPMG, Microsoft, Accenture, Professional, Thomson Locations: Bengaluru

☆ Smaller firms picking up hiring slack as large companies issue layoffs, says KPMG's Diane Swonk
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSmaller firms picking up hiring slack as large companies issue layoffs, says KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss the jobs report falling short of estimates, a slow down in employment among professional services, and that state of seasonal employment in leisure and hospitality.

Persons: Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG

☆ Shoppers get set for Amazon Prime Day and competitor sales events as ‘little treat’ lifestyle takes hold
▼ + stars: | 2023-07-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

In this article AMZN Follow your favorite stocks CREATE FREE ACCOUNTwatch nowPrime Day, competitor sales start soonAmazon's highly anticipated Prime Day starts at 3 a.m. Still, nearly 80% of adults said they intend to shop on Amazon Prime Day, a survey by The Vacationer found. What to buy on Prime DayThe best deals will be on Amazon's own devices, such as 75% off the Amazon Fire TV 43-inch Omni Series. How to take advantage of Prime Day dealsTo take advantage of Prime Day deals, you must be an Amazon Prime member. (CNBC's Select has more on how to avoid the membership fee in time to score Prime Day deals.)

Persons: Amazon's, Matt Kramer, Lauder, Leonard Lauder, Vipin Porwal, it's, Julie Ramhold, Michael M, Ramhold Organizations: Walmart, Target, CNBC, Amazon, Apple, Samsung, Google, Sony, DealNews.com, Santiago, Getty Locations: Nordstrom, Sur, New York

☆ PwC and KPMG fined over Eddie Stobart Logistics audit
▼ + stars: | 2023-06-29 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 29 (Reuters) - Britain's accounting watchdog said on Thursday it had fined PwC and KPMG, two of the world's top four auditors, for "serious" failings in their auditing of Eddie Stobart Logistics (ESL) company in 2017 and 2018. PwC was fined 1.9 million pounds ($2.4 million), reduced from 3.5 million pounds due to exceptional cooperation and admissions, the Financial Reporting Council (FRC) said in a statement. PwC admitted failings related to property transactions entered into by ESL, audit procedures, and property lease accruals, the watchdog said. The FRC also fined PwC audit partner Philip Storer 51,187 pounds. The FRC said it had fined KPMG 877,500 pounds, reduced from 1.35 million pounds due to admissions.

Persons: PwC, Eddie Stobart, Philip Storer, Cath Burnet, Burnet, Nicola Quayle, Huw Jones, John Stonestreet, Mark Potter Organizations: KPMG, Eddie Stobart Logistics, Financial, Council, ESL, FRC, Thomson

☆ KPMG to cut 5% of US jobs in fresh round of layoffs
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The firm had over 39,000 employees in the U.S. at the end of its last fiscal year on Sept. 30. KPMG, which cut about 2% of its U.S. workforce in February as per a Financial Times report, was the first of the world's four biggest accountancy firms to slash jobs in the country. The latest round of job cuts would take place through the rest of its 2023 financial year, the firm said. KPMG's fresh round of layoffs were first reported by the Financial Times. Besides KPMG, EY, Deloitte and PricewaterhouseCoopers (PwC) make up the Big Four of accounting firms.

Persons: Ernst, Niket, Shweta Agarwal Organizations: KPMG, Big, Times, Young's U.S, Deloitte, Financial, EY, PricewaterhouseCoopers, Thomson Locations: U.S, Bengaluru

☆ Despite Canada's prospects for a soft landing, it has resumed rate hikes: KPMG's Diane Swonk
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDespite Canada's prospects for a soft landing, it has resumed rate hikes: KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss Europe's central bank policy, the Bank of Canada's decision to restart rate hikes, and more.

Persons: Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG, Bank of

☆ Watch CNBC's full interview with KPMG's Diane Swonk
▼ + stars: | 2023-06-22 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman join 'The Exchange' to discuss Europe's central bank policy, the Bank of Canada's decision to restart rate hikes, and more.

Persons: KPMG's Diane Swonk Diane Swonk, Steve Liesman Organizations: KPMG, Bank of

☆ Women executives are more stressed than ever. KPMG thinks AI will fix that.
▼ + stars: | 2023-06-21 | by ( Josée Rose | ) www.businessinsider.com time to read: +5 min

"We truly believe that AI has a role to play in de-stressing the workplace," a KPMG exec said. Women executives continue to feel "heightened responsibilities around workplace stress and life stress. The results are based on a survey of more than 1,500 female executives in the US. One cause of — and a possible way to alleviate — workplace stress is generative AI, Newinski said. Employers have an "opportunity to create a safe place with and take the stress level down" in terms of AI, Newinski said.

Persons: —, Laura Newinski, Newinski, aren't, you've Organizations: KPMG, Service, Women, Employers Locations: United States

☆ Auto execs still aren't convinced about electric cars
▼ + stars: | 2023-06-13 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Auto execs are nervous about transitioning to EVs, consulting firm KPMG found in a new survey. Auto executive confidence in high EV sales in the US by 2030 dropped from last year. In a survey of more than 900 auto industry execs published in December, KPMG found that respondents think only 37% of new vehicle sales in the US will be electric by 2030. The survey results come two days after Toyota's CEO came under fire for comments that indicate he's not all that sold on EVs just yet. The KPMG survey also reported that 76% of respondents said inflation and high-interest rates will impact their business in 2023.

Persons: That's, Biden, EVs, Kelley, Akia Toyoda, — that's Organizations: KPMG, Auto, Toyota's, Wall Street Locations: China

☆ Why the Right Mentor Could Supercharge Your Career
▼ + stars: | 2023-06-12 | by ( Josée Rose | ) www.businessinsider.com time to read: +7 min

Throughout my 21-year career, I've heard a variety of advice including:It's on me, the employee, to seek career opportunities (which, when I was 25, was confusing). When feeling like I was spinning my wheels, seek advice (which made more sense, but I didn't know who to talk to). Plus, career advice is never one-size-fits-all. If you're at a crossroads, here are four tips that might help you as you decide whether having a mentor is right for you. Proactiveness: My mentor gave me thought exercises and homework to help me find the next steps in my career.

Persons: —, I've, Jim VandeHei, that's, VandeHei, It's, mentee, Condoleezza Rice, Laura Newinski Organizations: KPMG, Service, Research

☆ Flexibility and perks at work aren't one size fits all, and employers need to realize that
▼ + stars: | 2023-06-10 | by ( Josée Rose | ) www.businessinsider.com time to read: +5 min

One of the top demands is a four-day workweek, according to the KPMG Talent Survey of 1,035 US adults, conducted from mid-April to May 1. According to participants, 82% of employees would be interested in a 10-hour, four-day workweek, and nearly half (47%) see it as highly appealing. "Having a four-day workweek, even if you're working longer days during those four days, enables you to have the flexibility of three days off without work. Agarwal wrote, "as productivity tools with artificial intelligence catch on and more high-ranking executives acknowledge the importance of rest, the four-day workweek could become more commonplace." Besides four-day workweeks, employees also showed when it comes to perks at work, millennials are more likely to care about perks than other generations.

Persons: KMPG, —, It's, Sandy Torchia, backtracked, Gen Zers, Torchia, Shubham Agarwal, Sen, Bernie Sanders, Agarwal, I'd, aren't Organizations: Service, KPMG, Farmers Group, KPMG Talent Survey, Boomers

☆ Millennials and Gen Zers are the most concerned about AI and their jobs
▼ + stars: | 2023-06-08 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Millennials and Gen Zers are "extremely or very" concerned about how AI will affect their careers. Gen Zers haven't lived through as many tech evolutions as Gen Xers and Boomers. Indeed, Insider's UK bureau chief, Spriha Srivastava, has written how the flurry of Gen AI tools is getting out of control , creating a generational divide. These types of efforts are meant to help "demystify the impact that Gen AI has on our jobs," Torchia said. "We have a responsibility to train people on how to responsibly use Gen AI to get work done."

Persons: Millennials, Zers, Gen Zers haven't, Xers, Sandy Torchia, Gen Zers, Gen Xers, Torchia, they've, They've, Torchia siad, Spriha Srivastava, Matt Turner, There's Organizations: Service, KPMG Talent Survey, Boomers, Insider's, PwC, KPMG

"Germans are cautious by nature," said Stephan Fetsch, Germany's head of consumer goods at KPMG. Economists polled by Reuters are split on its second quarter fortunes: views ranged from a 0.3% GDP fall to a 0.5% gain, with a median forecast of 0.2% growth. However, German consumer sentiment remains below its pandemic low in the spring of 2020 and the consumer barometer from the German Retail Association (HDE) shows a similar picture. German consumers were hit particularly hard by high energy prices, being more dependent on Russia gas. "The German consumer has reasons to be scared and the result of all the economic uncertainty is usually an increase in precautionary savings," said Michael Burda, economics professor at Humboldt University Berlin.

Persons: Wolfgang Rattay, Germany's, Stephan Fetsch, Holger Schmieding, Carsten Brzeski, KPMG's Fetsch, Joerg Kraemer, Michael Burda, Brzeski, Maria Martinez, Prerana Bhat, Indradip Ghosh, Mark John, Toby Chopra Organizations: REUTERS, KPMG, Reuters, German Retail Association, Berenberg, ING, European Central Bank, Humboldt University Berlin, Thomson Locations: Cologne, Germany, BERLIN, Europe, France, Italy, Russia, Berlin, China, Bengaluru

☆ Analysis: US debt-ceiling deal dooms Biden's revolutionary tax plans
▼ + stars: | 2023-06-01 | by ( David Lawder | ) www.reuters.com time to read: +6 min

Barring an unlikely Democratic sweep of the White House and both chambers of Congress in 2024, major changes to the U.S. tax code are now seen as largely off the table until the end of 2025, when the 2017 individual tax cuts expire. TAX CHANGES ARE TOUGHBiden's unrealized campaign tax pledges illustrate the political difficulty of changing the U.S. tax code, barring a commanding majority in Congress. "House Republicans have successfully blocked every penny of President Biden’s tax hikes on families, farmers, and small businesses in the debt ceiling deal and protected the 2017 Tax Cuts and Jobs Act from repeal," said U.S. House Ways and Means Chairman Jason Smith. The Missouri Republican added that Americans want Congress to build on the Trump tax cuts "with more tax relief." Republicans will argue for making the 2017 individual tax cuts permanent, said John Gimigliano, KPMG's head of federal tax legislative and regulatory services.

Persons: Joe Biden's, Biden, That's, William McBride, Joe Manchin, Kyrsten Sinema, Jason Smith, Michael Kikukawa, Kikukawa, John Gimigliano, Gimigliano, Steve Rosenthal, Rosenthal, David Lawder, Heather Timmons, Matthew Lewis Organizations: Saturday, Revenue Service, Trump, White, Tax Foundation, Democratic, Republican, Republicans, IRS, House, The, The Missouri Republican, Economic Co, Congressional, Brookings Tax, Center, Thomson Locations: Washington, The Missouri

☆ There's a big debate over whether it's OK to use AI in your job search. Some companies say it's 'a definite dealbreaker.'
▼ + stars: | 2023-05-28 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

Many job seekers have started using ChatGPT and similar AI tools to write résumés and cover letters. 39% of surveyed HR professionals said using AI in applications is a dealbreaker. Some recruiters said that using AI to write applications could be a "marketable skill." Plovie added that it's hard to say if companies will seek job candidates who have "expertise and experience" with AI tools. Are you an employer who doesn't want job candidates using AI tools to help with their résumés or cover letters?

She will warn about "the global impact of this standoff and highlight the need to avoid default," a senior Treasury official said. It will lead to a freeze in global financial markets," said Muehleisen, now a fellow with the Atlantic Council. G7 counterparts will question Yellen "about the financial stability risks in the U.S., the regional banks' exposure to commercial real estate. Real risks that are not manufactured for political posturing," said Stephanie Segal, a former U.S. Treasury official who is a senior fellow at the Center for Strategic and International Studies in Washington. The far more complicated "Pillar 1" plan to allow countries to tax global technology giants and other highly profitable corporations on their local sales is still under negotiation.

☆ Hard to derail underlying inflation without increased unemployment, says KPMG's Diane Swonk
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHard to derail underlying inflation without increased unemployment, says KPMG's Diane SwonkDiane Swonk, chief economist at KPMG, and CNBC's Steve Liesman, joins 'The Exchange' to discuss the strong April jobs report, the Fed's tightening agenda, and dissonance between the market and the Fed.

☆ How employers plan to reengage older workers in the labor force
▼ + stars: | 2023-05-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow employers plan to reengage older workers in the labor forceCNBC's Kate Rogers and KPMG's Diane Swonk join 'The Exchange' to discuss employers with a focus on hiring older workers, supporting a work-life balance for employees, and demographic shifts in the workforce.

☆ A former IMF official says it's 'very likely' US home prices fall 15-20% as a credit crunch creates a lose-lose scenario for the housing sector and the debt ceiling standoff threatens a substantial re
▼ + stars: | 2023-05-02 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

A credit crunch, an already-slowing economy, and the debt-ceiling standoff risk a downturn. If these smaller institutions are loaning out less money, this further hurts demand in the housing market, meaning home prices have to fall accordingly. On the other hand, a credit crunch puts the US economy at significant risk of a recession, Lachman said. "Housing gets hit by tighter credit conditions, but then it also gets hit if the economy goes into recession." KPMG's Yelena Maleyev believes prices could fall as much as 20%, while Interactive Brokers' José Torres sees 15% downside.

☆ Fewer cars qualify for $7,500 EV tax credit. Here are 2 alternatives
▼ + stars: | 2023-04-18 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

A $4,000 tax credit for used EVswatch nowThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect this year, is worth $4,000 or 30% of the sale price, whichever is less. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me? A tax break for leased EVsAlternatively, consumers also appear poised to get a tax break worth up to $7,500 for leasing new electric passenger vehicles.

☆ Fed should take pause at next meeting, says KPMG's Swonk
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed should take pause at next meeting, says KPMG's SwonkDiane Swonk, KPMG chief economist, and CNBC's Steve Liesman join 'Power Lunch' to discuss Swonk's thoughts on the Federal Reserve, the duality of the minutes and staff briefings from the Federal Reserve and more.

☆ That $7,500 electric vehicle tax credit may soon be harder to get. Here are 2 workarounds
▼ + stars: | 2023-04-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Why the new EVs credit may be harder to claim$4,000 credit for used EVs has fewer conditionsKrisztian Bocsi/Bloomberg via Getty ImagesThe Inflation Reduction Act also created a tax credit for consumers who buy used electric or fuel-cell vehicles. The tax break for used cars, which took effect in 2023, is worth $4,000 or 30% of the sale price, whichever is less. watch nowThe used vehicle credit applies to a broad selection of cars, she said. Those income limits are "much lower" than the one that applies to the $7,500 tax credit for new vehicles, however, said Katherine Breaks, a managing director in KPMG's tax credit and energy advisory services group. "If I don't have $4,000 of tax liability, what's the tax credit worth to me?

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