This growth rate was the slowest among its peers, with Deloitte, EY, and PwC all experiencing double-digit revenue growth. Deloitte leads the group with revenues of $64.9bn (around £51.7bn).

The modest growth of KPMG comes amidst several challenges, including audit scrutiny in the US, a governance scandal in Dubai, and a record regulatory fine in the UK. In response, KPMG has pledged to invest $4.2bn (around £3.35bn) by 2026 to boost performance, the Financial Times reports.

Bill Thomas, KPMG International’s chair and chief executive, has had his term extended to September 2026, aiming to oversee this three-year investment strategy.

The firm’s revenue increase is attributed to its multi-disciplinary approach, combining expertise in various areas. Audit revenues grew by 9%, advisory by 7%, and tax & legal services by 10%. The tax & legal services growth is especially notable due to international efforts to impose a minimum tax rate on multinationals.

Despite the slowdown, KPMG has remained focused on growth in technology, talent, and ESG services. The firm’s global headcount increased by 3% to over 273,000, though the number of employees in the Americas decreased by 6%. KPMG’s efforts include a $2bn (around £1.6bn) investment in AI and a partnership with Microsoft to enhance digital transformation and innovation capabilities.

KPMG’s collective strategy outlines further investments in quality, technology, and talent, with a particular emphasis on ESG, tax, and technology specializations. The firm is also committed to improving inclusion, diversity, and equity, with 28.8% of leadership roles held by women, aiming for 33% by 2025.

The combined revenues of the Big Four firms reached a record $203.8bn (around £162.5bn) in their most recent financial year, up from $190bn (around £151.5bn) the previous year.