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In late the partnership elected a new chairman, Jon C. In February , the company announced that partners, or one in seven, would be laid off from the firm in a streamlining effort. Despite this drain on U. Relying on input from the company's Client Service Measurement Process, a survey of customer satisfaction inaugurated in , the firm chose six lines of business: financial services; government; health care and life sciences; information and communications; manufacturing, retailing, and distribution; and special markets and designated services.
The company then organized accountants, tax specialists, and consultants into industry-specific teams. Within this framework, KPMG Peat Marwick sought to develop specialists with certain areas of expertise who would entice new clients and bring high-paying tax and consulting jobs.
In September , as growth in the company's targeted industries remained sluggish, KPMG Peat Marwick launched an advertising campaign for the first time. Focusing on the company's international stature, the ads urged companies to 'go global--but not without a map.
Fiscal was the third year of revenue growth for KPMG Peat Marwick, a welcome relief after five years of little growth. Butler indicated the company would strengthen its consultancy services, a market with significant growth potential, and offer new services.
Expanding existing services into new markets was another strategy for company growth. KPMG's strategy proved successful, with the firm growing In , revenues grew The firm launched an effort to unify its operations to form a more centralized operation and also attempted to boost brand recognition.
The campaign, which included television, radio, and print ads, adopted the tag line, 'It's time for clarity. In the late s the firm took additional action to strengthen and unify its core businesses of audit, tax, and consulting services.
In August the U. Mercer, Inc. The decision marked KPMG's move away from non-core operations. These partners combined operations with the U.
The firm planned to form an Asia-Pacific group at a later date. Despite KPMG's continued growth, the firm suffered a few setbacks in its expansion efforts. The deal, which fell through in early , would have created the largest accounting and consulting firm in the world. The firms hoped their combined strength would help make inroads in the emerging markets of Latin America and China and enhance global opportunities.
On March 25 the firm declared its plans to separate from KPMG International and merge with Arthur Andersen, but the deal was called off just over a week later, on April 5.
The soured deal left KPMG divided into opposing groups. The setbacks did little to slow the firm down, however, and KPMG made some acquisitions itself. In the United States, KPMG separated its consulting business from its accounting operations and planned to sell stock in the entity, if approved by the U.
Securities and Exchange Commission. In August Cisco Systems Inc. KPMG intended to use the funds to further invest in its expanding Internet services. It puts us at the forefront of e-commerce development and the exploitation of the Internet. As KPMG entered a new century, the company appeared headed for continued growth and success. The firm had expanded significantly in the late s while also integrating operations into a more centrally run entity.
The firm's geographic regions experienced growth as well, with the Americas group surging 19 percent, Asia Pacific growing 20 percent, and the EMA region expanding 15 percent. Chairman Stephen Butler looked forward to the continued globalization of KPMG and indicated that the firm would take advantage of opportunities for growth, particularly regarding the Internet.
He remarked: 'We'll continue moving KPMG toward a vision that emphasizes a cohesive and capable firm that effectively serves multinational clients anywhere they operate.
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