McKinsey & Co. plans to cut 2,000 jobs as part of a restructuring.
The consulting firm said it is redesigning the way its non-client serving teams operate so that these teams could better support and scale with the company. According to sources, the plan is called Project Magnolia.
- The move is expected to be finalized in the coming weeks, with the number of positions to be cut still being discussed.
- The firm still plans to continue hiring for client-serving roles as demand for these positions is still strong.
- McKinsey employs about 45,000 workers, with more than half in client-facing roles.
- The consulting firm earned a record $15B in revenue in 2021, surpassing that in 2022.
