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The UK’s Big Four firms are reportedly cutting hundreds of jobs and rolling back graduate recruitment as AI begins to replace junior jobs, City AM has reported.
The four firms are said to have stripped back early-career hiring over the last two years, slashing intake by as much as 29% in some cases.
KPMG has made the steepest cuts, trimming its 2023 graduate intakes from 1,399 to just 942. Deloitte reduced its own scheme by 18%, while EY and PwC followed with 11% and 6% cuts respectively.
Generative AI tools like ChatGPT are increasingly being used to automate administrative tasks usually performed by entry-level employees, accelerating the shift.
Data has reportedly shown that graduate job adverts in accountancy are also down 44% year on year, outpacing the wider slump in overall graduate listings.
As well as job cuts, the firms are increasingly looking to expand offshoring efforts, pushing more jobs to lower cost hubs in India, Malaysia and the Philippines.
Alongside this, Deloitte, PwC and EY are all developing AI assurance services, auditing tools that verify the performance and safety of AI models, in response to escalating demand. It follows broader ambitions from the UK government to make the country a global AI hub.
Despite this goal, public perception still remains a challenge. KPMG research shows that just 42% of Brits trust AI, and nearly three-quarters lack formal training in it.
Accountancy Today has contacted, Deloitte, EY and PwC for comment.
KPMG declined to comment.
