McKinsey & Company has cut its workforce by more than 10% in 18 months, reducing its headcount from over 45,000 to around 40,000 due to a decline in demand and legal settlement costs. Following a rapid expansion during the pandemic, the firm is now implementing restructuring measures, including layoffs and intensified performance reviews for consultants. Despite these challenges, McKinsey maintains its commitment to growth and is planning to hire thousands of new consultants, leveraging generative AI to enhance productivity amidst a shifting consulting landscape.
Despite cutting over 10% of its workforce due to market cooling and legal costs, McKinsey plans to hire thousands of new consultants, aiming for growth.
The consulting firm has reduced its headcount from over 45,000 to around 40,000, citing a downturn in demand and costly legal settlements as key factors.
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