The fallout from KPMg’s layoffs at the end of last year was swift and devastating.
The company had to lay off as many as 1,600 employees in an effort to save its $5 billion in annual revenue.
The fallout also included the loss of its largest client, the financial services firm Ernst & Young.
KPMb’s CEO, Christopher P. Stolzenberg, had been criticized for a lack of communication and a lackadaisical attitude to its work.
Stavzenberg was widely expected to be replaced by an experienced CEO, but a report released by KPMi in February found that the board was willing to go with P. Craig Smith, who had served as chief executive officer at KPMc since 2008.
The move had been widely expected because KPMs chief financial officer, Stephen A. Meyer, had a track record of success at Kpmg, including a $20 billion stock buyback program.
Stoltzberg had been under pressure to step down because of a string of controversial comments he had made about the financial sector.
Kpmi’s report also noted that the bank was “not confident” that the CEO would be able to continue running KPM in the face of the challenges posed by the downturn.
The next few months were a rough time for KPM, with layoffs and losses reaching their highest point since 2008, the report found.
The bank also was struggling with the fallout from the Kpmc scandal, including its inability to keep up with the surge in mergers and acquisitions that were in the pipeline.
Kmplg also was under pressure after being forced to settle with former clients for tens of millions of dollars.
The firm’s board, which had been expected to make some changes, instead appointed John D. Bogle, a former investment bank director who had been the president of the Federal Reserve Board and a former chairman of the Commodity Futures Trading Commission.
KMplg’s stock plunged as the stock price dropped.
In March, Kmps board voted to cut about half its workforce.
Stolizenberg and Stolzbergs chief executive, Kevin W. Cavanaugh, left Kmperg in November after just two years on the job.
Cattleman Kevin J. Dann, who was Kmpstg’s general counsel, was hired by Cavanaugh’s firm to lead the company.
In February, KPMB reported a $6 billion loss for the year.
The board also cut about a third of the workforce, including roughly 1,200 employees who worked in its office and payroll departments.
The loss is the biggest since KPMI said the bank had $5.6 billion in cash on hand at the start of 2015.
The report also found that KPM was losing $6 million a day from its payments to its clients.
It also said that Kmpmg had no cash reserves.
The losses were largely a result of KPM’s ability to continue to make payments on its debt and its ability to fund new investment.
The two-year period ended in March.
The Kmppstg Board of Directors will meet again on June 8 to discuss its decision.
The New York Times article says the Kmpg Advisory Group was founded in 1999 to “develop the next generation of corporate governance standards and best practices for management and governance, including the need for independent, expert review of performance, risk management, financial literacy, and risk and governance.
The group, which is composed of senior management, is comprised of experts who specialize in these areas.”
The Times says the group has been working for more than a decade to produce a document, which will be presented to the board.
The Financial Times says it has learned that the K-mpg advisory group was “very closely aligned with the broader KPM advisory group that is in place now.”