Consulting firm McKinsey & Co plans to eliminate about 2,000 positions – in one of its biggest job cuts ever, and adding to the series of layoffs by companies across sectors – Bloomberg reported citing unidentified sources. The move, under a plan being called Project Magnolia, is expected to help McKinsey preserve the compensation pool for its partners, the report said. The firm has seen a rapid growth in its headcount during the past decade and is now looking at restructuring how it organises its support teams to centralise some of the roles.
Companies across industries including finance, retail and specifically technology are cutting down their employee count amid a slowdown in demand and predictions of recession. Recently, firms like Amazon, Microsoft, Google, LinkedIn, Yahoo, Del, among others have let go of thousands of employees across several positions, not only in India but globally.
As of now, McKinsey reportedly has a workforce of around 45,000 people. However, since the headline McKinsey layoffs have not actually started yet, the plan is reportedly expected to be finalized in the coming weeks.
Before this, November 2022 saw the most tech layoffs affecting around 51,800 employees across 2017 companies in India and globally.