McKinsey plans 2,000 positions lay off
Business
Project Magnolia expected to help safeguard remuneration pool of partners is responsible for layoffs
(Reuters) - Consulting behemoth McKinsey & Co. plans to eliminate around 2,000 positions in one of its largest rounds of layoffs, Bloomberg News reported quoting sources.
The organisation which is recognised for counselling businesses on a range of tasks including layoffs is anticipated to focus on support personnel who do not have direct contact with clients, according to the source.
For the first time in more than a decade, "we are revamping the way our non-client-serving teams function, so that these teams can successfully support and expand alongside our firm," a company representative told Reuters in an email.
According to the Bloomberg story, Project Magnolia, which the consulting business expects will help safeguard the remuneration pool of its partners, is responsible for the layoffs. In order to centralise some of the functions, it was also said that McKinsey is planning to change how it arranges its support teams.
The Financial Times revealed last week that KPMG was laying off about 2% of its US employees, making it the first of the four largest accounting companies in the world to do so.
