McKinsey plans to cut 10% of support roles
McKinsey & Co., the global consulting giant, is set to trim about 10% of its non-client-facing staff.
With consulting demand slowing and revenue staying flat, the company may stagger these layoffs over the next 18-24 months—meaning thousands could be affected.
By the numbers
McKinsey's workforce jumped from 17,000 in 2012 to 45,000 in 2022 but has since dropped to around 40,000 by May.
Revenue has held steady at $15-16 billion for five years.
Quick fact
Just last week, McKinsey cut 200 tech jobs thanks to AI automation and previously axed 1,400 support roles under Project Magnolia.
Meanwhile, its work with Saudi Arabia had been bringing in at least $500 million a year in the 10 years up to 2024, though payments are now being reduced—showing how global projects have been big business for them.