McKinsey

Consulting giant McKinsey & Co is planning to cut about 2000 jobs, in one of its biggest round of layoffs, Bloomberg News reported on Tuesday (Feb 21), ...

Last week, the Financial Times reported that KPMG was cutting close to 2 per cent of its workforce in the United States, a move which made it the first of the world's four biggest accountancy firms to slash jobs in the country. It added that McKinsey is looking to restructure how it organises its support teams to centralize some of the roles. The report said the move is expected to focus on support staff who do not have direct contact with clients of the company, known for advising businesses on a variety of projects including layoffs.

McKinsey could cull as many as 2,000 back-office staff as the global consulting firm embarks on one of the largest rounds of cuts in its history.

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Under a plan dubbed Project Magnolia, the management team is hoping the move will help preserve the compensation pool for its partners, the people said, ...

McKinsey layoffs: Support staff in roles that don't have direct contact with clients are likely to be the ones affected as part of the nearly 2000 job cuts ...

It may also be noted that back in late 1990s, McKinsey consultants helped popularise “War for Talent”, a phrase that’s come back into vogue in recent years as the post-pandemic boom led to a frenzied period of hiring and headcount expansion across industries, especially in the IT sector. The present headcount is up from 28,000 just five years ago and 17,000 in 2012. Management consulting company McKinsey & Company is likely to let go of about 2,000 staffers in one of the firm’s biggest rounds of cuts ever, a report said on February 22.

Staff have been assured that they are not being targeted by an internal global review that plans to eliminate about 2000 back-office jobs.

Connect with Edmund on [[email protected]](mailto:[email protected]) Bloomberg reported that one motivation for the move was to preserve partner pay. Those teams were built up after the firm faced scandals over its work for The firm’s local arm has hired 90 new consultants so far this year, on par with its highest-ever local intake in 2022. “With demand from our clients expanding, we continue to hire client-serving professionals and invest in our ability to serve clients,” global McKinsey spokesman DJ Carella said in a statement. The review will instead focus on cutting roles held by staff working in functions such as information technology, finance, communications and human resources.

McKinsey & Co. is expected to lay off nearly 2000 workers. The move of massive layoffs is anticipated to concentrate on support staff who do not have direct ...

India’s economic growth likely slumped to a median 5.0% in the third quarter, its lowest this fiscal year, according to an ET poll of 11 economists. McKinsey is also aiming to reform how it structures its support teams in order to consolidate some of the tasks. An adverse base effect and mixed economic performance dragged growth down from 6.3% in the second quarter, according to them. [Project Magnolia](/topic/project-magnolia),' which the consulting company expects will help safeguard its partners' salary pool. McKinsey, is a global management consulting firm that provides professional services to corporations, governments, and other organisations. McKinsey is the oldest and largest of the world's three largest strategy consulting firms by revenue, the "Big Three" management consultancies ( [MBB](/topic/mbb)).

Consulting giant McKinsey & Co is planning to cut about 2000 jobs, in one of its biggest round of layoffs, Bloomberg News reported on Tuesday, citing people ...

Twilio, Yahoo, Disney, News Corp, Zoom, eBay, Boeing and Dell have all announced major layoffs this month.

The biggest came from Facebook and Instagram parent company [Meta](https://about.fb.com/news/2022/11/mark-zuckerberg-layoff-message-to-employees/), which laid off roughly 11,000 employees in November. announced plans to lay off 25% of its workforce (950 employees) in a company Meta did not respond to a Forbes request for details, although company communications director Andy Stone [denied](https://twitter.com/andymstone/status/1628424399362658305?s=46&t=3-r6ev3vh4Ve95Q-UDA2wg) the February 22 report that Meta is considering layoffs. Total employment in the U.S increased by 517,000 positions in January, nearly tripling economists’ expectations, as industries such as construction, hospitality and healthcare bring in new workers despite recent cuts primarily in the tech industry. Publishing giant HarperCollins announced it would slash 5% of its staff in the U.S. and Australia, plans to slash its workforce by 5% this year (roughly 1,250 employees), the advisory business, who said the cuts are intended to align its workforce with “current and anticipated market demand”—making it the first of the so-called Big Four accounting firms to conduct a major round of layoffs amid growing recession fears in recent months. The German enterprise software firm—whose U.S. [CNBC](https://www.cnbc.com/2023/01/11/directv-lays-off-staffers-as-cord-cutting-accelerates-.html), as the company struggles with an increase in the cost to “secure and distribute programming,” and after the company lost nearly 3% of its subscribers (400,000) in the third quarter of 2022, [according to](https://www.leichtmanresearch.com/major-pay-tv-providers-lost-about-785000-subscribers-in-3q-2022/) the Leichtman Research Group. [filing](https://www.sec.gov/Archives/edgar/data/1874944/000187494423000003/emldated1-24x23.htm) as it moves to reduce costs and “focus on being a profitable company,” three months after it announced it would cut another [6%](https://www.forbes.com/sites/brianbushard/2023/01/04/amazon-reportedly-cutting-17000-jobs-as-major-layoffs-continue-into-2023/?sh=28b0d52e5c6e) of its staff. [SEC filing](https://www.sec.gov/ix?doc=/Archives/edgar/data/1002047/000119312523019739/d395436d8k.htm) to lay off 8% of its staff ( [estimated](https://techcrunch.com/2023/01/31/netapp-a-specialist-in-cloud-data-management-says-it-will-lay-off-8-or-around-960-people-citing-economic-climate/) to affect 960 employees) by the end of the fourth fiscal quarter of 2023 “in light of the macroeconomic challenges and reduced spending environment.” [confirmed](https://www.bbc.co.uk/news/business-64549761) to multiple [news](https://apnews.com/article/boeing-co-virginia-business-a6525dc7f58100c924ae2f7e2ce97e6d?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_11) outlets [plans](https://www.bbc.co.uk/news/business-64549761) to [cut](https://apnews.com/article/boeing-co-virginia-business-a6525dc7f58100c924ae2f7e2ce97e6d?utm_source=homepage&utm_medium=TopNews&utm_campaign=position_11) around 2,000 jobs in finance and human resources this year, though the firm said it will increase its overall headcount by 10,000 employees “with a focus on engineering and manufacturing.”

EMEA insurers aren't capturing the full value of their investment in advanced analytics. This article looks at the AA strategy of leaders in EMEA insurance.

A shortage of data and analytics talent is seen by one-third of the surveyed insurers as one of the top challenges in developing and scaling an effective AA strategy, and many EMEA insurers perform moderately or weakly on various measures of AA talent (Exhibit 7). Those with a clear path to scale will be more likely to take their place at the head of the pack and help shape the future of insurance in the region. To get beyond this pilot purgatory and capture a clear competitive advantage from AA, insurers in the EMEA region will have to commit to scaling up a larger number of use cases across the value chain on a domain-by-domain basis. In parallel, a review of the AA capabilities and enablers, and in particular considering how models are refreshed and maintained, is usually critical. Using the principles outlined above to focus on the few use case areas (potentially within a single domain at a time, as outlined in the next section) that are likely to move the needle on value, as opposed to launching dozens of initiatives at the same time, is a highly impactful approach. As a result, they have an average of six scaled and fully rolled-out AA use cases, compared with an average of two for other insurers that participated in the survey. When it comes to data, top performers are better than most in all the surveyed aspects of data infrastructure and data management—including governance, data quality, data cataloging and discovery, and lineage. It’s clear that AA leaders in the EMEA insurance industry are pulling ahead in impact and performance, and EMEA’s less-mature insurers have an opportunity to emulate their success. And EMEA’s insurers are also less optimistic about achieving their impact aspirations from analytics in the future: half are expecting an AA-induced uplift of just 5 percent of operating profit in the next 24 months, significantly less optimistic than top performers’ expected 10 to 20 percent increase over the same period. Given the current macroeconomic context, the spread in performance among insurers is set to increase, and insurers that accelerate their AA efforts have a significantly greater chance of being among the winners. In terms of their operating model, all top performers view AA as a top ten C-level priority, have clear lines of responsibility for driving AA initiatives within the business, and employ cross-functional teams and iterative ways of working. Advanced analytics (AA)—including artificial intelligence and machine-learning methods— continues to be a top-of-mind topic among executives in the insurance sector.

The logo of consulting firm McKinsey & Co is pictured at the Viva Tech meeting in Paris on May 16, 2019. Photo: Reuters. The firm, which has seen rapid growth ...

ACQUISITION: The integration of Citibank’s consumer banking business would boost DBS’ credit card and wealth management businesses, Piyush Gupta said DBS Bank Taiwan (星展台灣) is on track to grow into the largest foreign bank by assets after completing the integration of Citibank Taiwan Ltd’s (台灣花旗) consumer banking business in August or September this year, DBS Group Holdings Ltd chief executive officer Piyush Gupta told a news conference in Taipei yesterday. The San Francisco-based start-up, which Microsoft Corp has funded and used to power its latest technology, said it has worked to mitigate political and other biases, but also wanted to accommodate more diverse views. ‘DIVERSE OPINIONS’: The company said its plans would mean allowing outputs that other people might disagree with, although it would always have limits OpenAI, the start-up behind ChatGPT, on Thursday said that it is developing an upgrade to its viral chatbot that users can customize as it works to address concerns about bias in artificial intelligence (AI). McKinsey consultants helped popularize the phrase “war for talent” in the late 1990s, a slogan that has come back into vogue in the past few years as a post-COVID-19 pandemic boom led to a frenzied period of hiring and head count expansion across industries. Two Federal Reserve officials on Thursday said the US central bank likely should have lifted interest rates more than it did early this month and warned that additional hikes in borrowing costs are essential to lower inflation back to desired levels. The US dollar hit a six-week high against a basket of currencies on Friday as traders ramp up bets that the US Federal Reserve would hike rates higher than previously anticipated, and hold them there for longer, as it battles still-high inflation while the employment picture also remains strong.

Asia-Pacific has vast CCUS potential—but substantial challenges remain. With eight assertive actions, regulators and companies can boost CCUS in the region.

This helps to offset the significant capital required and imbues the projects with confidence. The region has the largest global market share in several CO2 use cases, offering an ideal test bed for research, development, and commercialization (Exhibit 6). Institutionalize CCUS policies: In global regions where CCUS has taken root, governments have been the main catalyst, offering a roadmap for the region. But the challenges described here impact projects’ commercial viability—and outside of CO2 and enhanced oil-recovery applications, CCUS is often stymied by emitters’ lack of willingness to pay. However, they are not sufficient to underpin compelling economics for CCUS and attract funding. This can be kickstarted by setting up government-to-government working groups to address gaps in international laws on CO2, defining how cross-border CCUS offsets contribute to national targets, initiating mutually beneficial projects for joint funding, and partnering with private-sector champions to drive deployment. For example, the International Energy Agency (IEA) and the Asian Development Bank (ADB) estimate that CCUS could create additional value of between 0.2 percent and 0.6 percent of China’s 2019 GDP by 2030. But outside this sector, the level of technical understanding of CCUS is low. The Asia-Pacific region has experience in these types of ecosystems, with some of the world’s leading special economic zones, major industrial parks, and megalopolis developments. In McKinsey’s “achieved commitments” scenario, more than 60 percent of future CCUS abatement is predicted to come from the region—representing more than three gigatons per annum of abatement by 2050 (Exhibit 1). Leading engineering, procurement, and construction (EPC) capabilities: Asia boasts world-leading EPC companies and has the world’s largest shipbuilding capacity, with China, South Korea, and Japan holding more than 80 percent of the global market. Most significantly, costs at the storage stage are estimated to be 65 percent lower than the global average (Exhibit 2).

McKinsey is planning to cut up to 2000 back-office staff as it seeks to control costs and retain its partner payouts. The plans could affect up to McKinsey ...

A McKinsey spokesperson told City A.M. The cuts will also steer clear of McKinsey’s legal and compliance departments, which have been bulked up in the wake of scandals including links to corruption in South Africa and the US opioid crisis. The plans could affect up to 2,000 of McKinsey’s 45,000 staff, in one of the consulting firm’s largest rounds of job cuts ever.

McKinsey & Co. plans to eliminate 2000 jobs, Bloomberg reported. Meta is also preparing to cut thousands of roles, according to The Washington Post.

[Zoom to layoff 15% of employees, CEO to take massive 98% pay cut](https://www.usatoday.com/story/tech/2023/02/07/zoom-layoffs-2023-eric-yuan/11204391002/) Some people inside Meta also expect employees whose jobs have been changed to quit, the Washington Post reported. In the Feb. The firm also plans to restructure how it organizes its support teams. [plans to cut 1,300 jobs](https://www.usatoday.com/story/tech/2023/02/07/zoom-layoffs-2023-eric-yuan/11204391002/), or about 15% of its workforce. [eliminate 12,000 jobs](https://www.usatoday.com/story/money/2023/01/20/google-layoffs-jobs-employees-cut/11088409002/), equivalent to 12% of its workforce. The consulting firm is known for advising its own client businesses on a variety of ventures, including staff-reduction plans. [began laying off 10,000 employees](https://www.usatoday.com/story/money/2023/01/18/microsoft-layoffs-10000-employees-stock/11074235002/), or about 5% of its workforce. "As part of this, we’re going to be more proactive about cutting projects that aren't performing or may no longer be as crucial." When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end," But it may not be as bad as you think.](https://www.usatoday.com/story/money/economy/2023/02/07/tech-layoffs-2023-google-amazon/11135692002/) [in November](https://www.usatoday.com/story/tech/2022/11/09/meta-layoffs-facebook-parent/8313462001/).