McKinsey plans to eliminate about 2,000 jobs in one of its biggest rounds of cuts
BNN Bloomberg
McKinsey & Co. plans to eliminate about 2,000 jobs, one of the consulting giant’s biggest rounds of cuts ever.
The firm known for devising staff-reduction plans for its clients is taking the ax to some of its own, with the move expected to focus on support staff in roles that don’t have direct contact with clients, according to people with knowledge of the matter.
Under a plan dubbed Project Magnolia, the management team is hoping the move will help preserve the compensation pool for its partners, the people said, asking not to be identified discussing non-public information. The firm, which has seen rapid growth in its headcount during the past decade, is looking to restructure how it organizes its support teams to centralize some of the roles.
The plan is expected to be finalized in the coming weeks, and the final number of roles to be eliminated from its 45,000 workforce could still change, one of the people said. That headcount is up from 28,000 just five years ago and 17,000 in 2012.
