McKinsey cuts nearly 2,000 employees
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One of the world’s largest strategic management consulting firms, McKinsey & Co, plans to lay off about 2,000 employees. This is one of the largest cuts in the company’s almost century-long history. The agency reports Bloomberg.
The cuts are being made as part of a plan called Project Magnolia and will primarily affect administrative and technical staff who are not in direct contact with the company’s customers, the sources said. In recent years, McKinsey has been hiring a lot of new employees, and now, the sources say, the company wants to restructure the process of organizing support departments.
The cuts are expected to take place in the coming weeks. Currently, the company employs 45 thousand people. McKinsey itself confirmed to Bloomberg that the company is “reinventing non-customer service departments for the first time in more than a decade.”
This is yet another layoff in large companies in recent months to cut costs in the face of an economic downturn. So, earlier it was already announced the reduction of employees in the companies KPMG, Disney, Yahoo, News Corp, eBay, Dell Technologies, FedEx, PayPal, Philips, Dow, 3M, SAP and others.
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