© Reuters. File photo: The logo of consulting firm McKinsey & Company is seen at Viva Tech, a gathering of up-and-coming startups and tech leaders in Paris, France, May 16, 2019. REUTERS/Charles Platiau/File Photo
Reuters – Consulting giant McKinsey & Company plans to cut about 2,000 jobs in the biggest layoff, Bloomberg News reported Tuesday, citing people familiar with the matter. rice field.
The move is expected to focus on support staff not in direct contact with the company’s clients, which is known for advising companies on a variety of projects, including layoffs, according to the report.
McKinsey did not immediately respond to Reuters’ request for comment.
Bloomberg reports that the layoffs are part of Project Magnolia, which the consulting firm hopes will help preserve its partners’ compensation pools. McKinsey added that it is looking to restructure how its support team is organized to centralize some roles.
Last week, the Financial Times reported that KPMG is laying off nearly 2% of its workforce in the US.