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McKinsey & Co.

 

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McKinsey & Co. is reportedly planning to lay off nearly 2,000 employees, marking one of its largest waves of job cuts. 

According to multiple media outlets on February 21, the layoffs are expected to focus on staff members who do McKinsey & Co. declares intentions to fire 2,000 employees.

They have direct contact with the company's clients. McKinsey, which is known for advising firms on a range of tasks, including layoffs, stated that it is rethinking the way its non-client-serving teams function for the first time in over a decade, in order to support and expand with the firm. 

The job cuts are part of "Project Magnolia," which the consulting company expects will help safeguard its partners' salary pool. McKinsey is also looking to restructure its support teams to consolidate some tasks.

James O. McKinsey, a professor at the University of Chicago, founded McKinsey & Company in 1926. This multinational management consulting company offers expert services to businesses, governments, and other organizations. 

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The oldest and largest of the "Big Three" management consultancies, which are the three largest strategy consulting firms in the world by revenue, is McKinsey (MBB The firm primarily focuses on its clients' finances and operations.

According to a Bloomberg report, McKinsey's current workforce stands at 45,000, and the number of layoffs has not yet been finalized. The number of employees has increased from 17,000 in 2012 and 28,000. 

This news comes after KPMG announced last week that it was laying off approximately 2% of its personnel in the United States, making it the first of the world's four largest accounting firms to do so. 

As employers reduce staff in response to a slowdown in demand and forecasts of an impending recession, McKinsey's job cuts coincide with layoffs at technology companies that have started to spread into the finance, retail, and other sectors as well.

It's worth noting that back in the late 1990s, McKinsey consultants helped popularize the phrase "War for Talent," which has come back into vogue in recent years as the post-pandemic surge sparked a frenzy of hiring and headcount growth across industries, particularly in the IT industry. 

But now that the growth is slowing, businesses are scrambling to maintain profits, and many are cutting jobs at a rate that hasn't been seen in more than ten years.

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