McKinsey and Co plans to eliminate thousands of positions, adding the consulting giant to a wave of companies that are cutting corporate jobs, according to The Wall Street Journal.
The firm, which is known for helping companies streamline their operations, could shed as many as 2,000 jobs in what would be one of its biggest headcount reductions to date, a person familiar with the matter told WSJ.
The restructuring plan is expected to be completed in the coming months, when the firm will make a decision on the extent of the cuts to the 45,000-person staff, the person familiar with the matter said. The company is reviewing its professional support functions, the person said.
"With demand from our clients expanding, we continue to hire client-serving professionals and invest in our ability to serve clients," DJ Carella, a company representative, said in a written statement, adding, "In parallel, we 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."
The journal said McKinsey's move to reduce its headcount comes amid a string of corporate cuts that have spilled beyond the technology sector.
The company has quickly built up its team over the past decade, growing from a headcount of 17,000 in 2012.
McKinsey posted revenue of USD 15 billion in 2021, with continued growth in 2022, the person familiar with the matter said.
( With inputs from ANI )
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