McKinsey is planning to cut 2,000 jobs in one of the global consulting giant’s biggest layoffs, Bloomberg News reported. The job cuts will happen as the firm seeks to centralize its support services for its consultants in a cost-cutting bid after having recruited heavily in recent years.
Citing anonymous sources, Bloomberg said the number of employees affected could still change and is expected to primarily target administrative staff who do not interact directly with clients. McKinsey & Company had a record revenue of $15 billion in 2021, and exceeded that figure in 2022, according to a Bloomberg source.
The news of the downsizing comes after McKinsey, which was founded nearly 100 years ago in Chicago, increased its headcount from 28,000 to 45,000 employees over the past five years.