Move FM Global News
In restructuring, McKinsey consulting to lay off 2,000
Feb 24, 2023NEW YORK CITY, New York: Bloomberg News reported that consultancy company McKinsey & Co plans to lay off some 2,000 staff, in one of its biggest round of layoffs.
Support staff who do not have direct contact with clients will be the focus of the staff reductions made by the company.
In an email to Reuters, a company spokesperson said, “We are redesigning the way our non-client-serving teams operate for the first time in more than a decade, so that these teams can effectively support and scale with our firm.”
The layoffs are part of McKinsey’s “Project Magnolia,” which aims to preserve the compensation pool of its partners, the statement said, adding that the company seeks to restructure how it organizes its support teams.
Last week, the Financial Times reported that KPMG was cutting close to 2 percent of its American workforce, making it the first of the world’s four biggest accountancy firms to eliminate jobs in the US.
