Layoffs 2023: McKinsey to cut 2,000 jobs

In one of its largest rounds of layoffs, the multinational consulting firm McKinsey & Co. plans to eliminate nearly 2,000 positions.

The layoff plan would concentrate on support personnel who don't deal directly with customers of the business.

Project Magnolia, which the consulting company expects will aid in preserving the remuneration pool of its partners, includes the layoffs.

To centralise some of the roles, McKinsey plans to reorganise the way it sets up its support teams.

"We are redesigning the way our non-client-serving teams operate for the first time in more than a decade," a company spokesperson said.

Source: Bloomberg