McKinsey & Co. Initiates Global Job Cuts (Image Source: iStockphoto)
McKinsey & Co., a prominent consulting firm, is embarking on a restructuring journey, initiating the elimination of approximately 360 jobs worldwide. This strategic move comes in response to a slowdown in demand for its services across various divisions, including design, data engineering, cloud, and software.
According to sources familiar with the matter, these job cuts are projected to affect about 3 per cent of McKinsey’s workforce, specifically those employees specializing in technical expertise, out of a total of 12,000 specialists working alongside the firm’s traditional consultants. However, it’s worth noting that the reductions will not extend to McKinsey’s core consulting staff.
As quoted by Bloomberg, “We invest to grow capabilities that match our clients’ priorities, and adjust the size of a small number of others as appropriate,” a McKinsey spokesperson said in an email statement. “As part of this process, some roles will be eliminated within this small number of capabilities,”
Recently, Spanish banking giant Santander has implemented its own workforce adjustments, cutting approximately 320 jobs in the United States. This move represents about 2.4 per cent of Santander’s total workforce of 13,489 employees in the country. The bank clarified that these actions are part of its broader strategy to prioritize digital operations and adapt to evolving customer needs.
In a statement, Santander emphasised its commitment to evolving its U.S. business by investing in digital capabilities and streamlining processes. These measures underscore the bank’s dedication to staying agile in a rapidly changing financial landscape.
As consulting firms and financial institutions navigate shifting market dynamics, the focus remains on optimising operations, enhancing digital capabilities, and aligning with evolving customer preferences to drive sustainable growth in the long term.
