McKinsey to Cut Up to 2000 Jobs

February 22, 2023 Thehrobserver-McKinsey-HR

Global consulting firm McKinsey plans to cut up to 2000 jobs in back to office restructuring, the firm said.

The firm said that they 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,” in response to the news that was broken by Bloomberg on Tuesday.

According to sources quoted by the Financial Times, the restructuring would focus on areas such as human resources, technology and communications.

The firms said that they would “continue to hire client-serving professionals” as there is a growing demand. The consulting firm is the second to announce job cuts after KPMG has said they will be cutting off jobs last week.

The firm which is almost 100 years old has been functioning in around 130 countries with revenues. They have hired “17,000 staff over the past five years and now boasts a global workforce of 45,000, with just over half in “client-facing” roles,” reported the Financial Times.

According to Bloomberg, McKinsey had a revenue of US $15 billion in 2021, and exceeded that figure in 2022.

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