McKinsey to Begin Layoffs This Week, Expected to Cut 1,400 Jobs

• ByStartupStory     |    March 30, 2023

McKinsey & Co. is reportedly set to begin a round of major job cuts, with plans to potentially eliminate up to 1,400 roles. The layoffs come as the company has experienced significant growth in its headcount over the past decade. However, in light of the current global economic downturn, McKinsey is now restructuring and engaging in these mass layoffs, which are estimated to affect almost 3% of the workforce.

Bob Sternfels, global managing partner, reportedly stated in a note to McKinsey staff that due to the shift in strategy, some of the firm’s functions colleagues would have to be let go, while others would be assisted in moving into new roles that are more aligned with the company’s priorities. As per Bloomberg, McKinsey will begin notifying affected employees who will be leaving or changing roles, in accordance with local regulations.

 

Around a month ago, reports emerged about potential McKinsey layoffs, indicating that the company could cut up to 2,000 jobs. Though details about the exact timing or affected positions were not disclosed, it was clear that the prestigious consulting firm is also grappling with challenges faced by many other companies in these difficult times. It is reportedly expected that McKinsey layoffs will primarily affect non-client-facing job roles, but the exact details of which positions will be impacted remain unclear. More information is expected to become available once the layoffs commence. 

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