Auditor BDO Cuts Jobs With Focus on Managing Apollo Debt

Auditing firm BDO USA has slashed costs as it managed an expensive debt agreement with Apollo Global Management Inc.

BDO has laid off dozens of employees in recent months and halted non-essential travel earlier this year, according to people familiar with the situation, who asked not to be identified discussing private matters. Cuts have affected business lines including audit, tax and advisory, one of the people said.

The belt-tightening comes as one of BDO’s clients, the now-bankrupt First Brands Group, contends with angry creditors over its use of off-balance sheet financing. The auto-parts supplier was among BDO’s largest clients, ...