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McKinsey layoffs: Company to cut 360 jobs affecting these roles as demand slows

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McKinsey layoffs: Global consulting firm McKinsey & Co. announced plans to eliminate almost 360 jobs globally. This will affect around 3 per cent of its specialist and technically-skilled workforce and will impact employees across various divisions, including design, data engineering, cloud, and software, Bloomberg reported citing people in the know. 

McKinsey layoffs: A logo of American multinational corporation McKinsey & Company on the first day of the Mobile World Congress (MWC), the telecom industry's biggest annual gathering, in Barcelona.(AFP)
McKinsey layoffs: A logo of American multinational corporation McKinsey & Company on the first day of the Mobile World Congress (MWC), the telecom industry’s biggest annual gathering, in Barcelona.(AFP)

McKinsey layoffs: What the company said on job cuts?

A McKinsey spokesperson said as per the report, “We invest to grow capabilities that match our clients’ priorities, and adjust the size of a small number of others as appropriate. As part of this process, some roles will be eliminated within this small number of capabilities.”

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McKinsey layoffs: Why is the company cutting jobs?

The reductions are part of the McKinsey’s efforts to adjust the size of certain capabilities to match its clients’ evolving priorities and come as the consulting industry grapples with a slowdown in demand for its services. 

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McKinsey layoffs: Will job cuts impact traditional consulting staff?

No, the job cuts may not impact McKinsey’s traditional consulting staff, the report added. 

McKinsey layoffs: What is the company’s workforce?

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The firm has a global workforce of more than 45,000 employees in 130 cities around the world.

Have other companies in the sector resorted to job cuts?

Hiring sprees were common during the Covid pandemic following which companies like Ernst & Young, PricewaterhouseCoopers and Accenture Plc have cut jobs as some clients scaled back their investments. 

What other measures has McKinsey taken?

McKinsey has also taken steps to address performance concerns and has warned around 3,000 of its consultants that performance needs to improve.

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