Global consulting firm McKinsey & Co is reportedly planning to slash about 2,000 jobs in one of the largest layoffs, the media reported.
The job cut is likely to focus on support staff who do not have direct contact with clients, reports Bloomberg.
The layoffs are reportedly part of 'Project Magnolia', which the consulting firm hopes will help preserve the compensation pool of its partners.
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"We are redesigning the way our non-client-serving teams operate for the first time in more than a decade, so that these teams can effectively support and scale with our firm," a company spokesperson was quoted as saying.
Last week, reports surfaced that global consulting firm KPMG is laying off 2 per cent of its workforce that will impact about 700 employees in the US, owing to a "sharp slowdown in its consulting business".
According to The Financial Times, KPMG became the first of the Big Four accountancy firms (EY, Deloitte, and PwC) to reduce jobs amid global macroeconomic conditions.
According to the report, KPMG has also been struggling with the collapse in merger and acquisition activity, which has hit its deal advisory business.
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The Big Four financial accounting firms went on a hiring spree in the wake of the pandemic, as demand for IT consulting and deal advisory work had surged.
Last month, global investment firm Goldman Sachs fired more than 3,000 employees.