Global consulting firm McKinsey has planned to layoff 2000 of its employees, news agency Bloomberg reported on Tuesday. According to the report, this round of layoffs would be the company’s biggest ever.
Citing sources, Bloomberg said that the latest round of layoffs at McKinsey is likely to target administrative staff which does not directly interact with clients. According to an report by news agency IANS, the layoffs are a part of ‘Project Magnolia’. The effort is a part of company’s plans to cut the headcount, which increased from 28,000 to 45,000 over the past five years.
“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,” a company spokesperson was quoted as saying by the agency. “Founded almost 100 years ago in Chicago and now operating in more than 130 countries, the consultancy had a record revenue of $15 billion in 2021, and exceeded that figure in 2022,” a source further added.
KPMG to layoff 2% workforce
Last week, reports suggested that global consulting firm KPMG was lying off two per cent of its workforce owing to a sharp lowdown in the consulting business. The layoff is expected to hit about 700 employees in the US. According to US media reports, KPMG was the first of the big four consulting firms – EY, Deloitte, and PwC to announce job cuts. Last month, global investment firm Goldman Sachs reportedly fired more than 3,000 employees.
