McKinsey to cut up to 2,000 jobs in record layoff

Louis Goss

MCKINSEY is planning to cut up to 2,000 back-office staff as it seeks to control costs and retain its partner payouts. 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’s plans, first reported by Bloomberg, are set to see the firm cut swathes of back-office workers in its communications, technology and human resources departments.

A McKinsey spokesperson told City A.M. the firm is “redesigning the way our non-client serving teams operate for the first time in more than a decade”.

The company spokesperson noted that McKinsey, however, will “continue to hire client-serving professionals and invest in our ability to serve clients”.

The cuts will also steer clear of McKin-

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sey’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.

Labour shortages have also forced the consulting firm to increase partner pay in an effort to prevent talented staff being pinched by rivals offering bumper pay packets.

First established in 1926, McKinsey is now considered to be one of the world’s ‘Big Three’ consulting firms, alongside Bain & Co and Boston Consulting Group.

The firm took in a record $15bn (£12.4bn) revenues in 2021 off the back of a boom in demand for consulting services, leading to bumper payouts for its more than 2,000 partners.

News of McKinsey’s plans follow reports that KPMG is set to lay off 700 US staff, due to the impact of a slowdown in M&A activity on its deals advisory business.

Legal And Public Notices

CITY of LONDON

Hart Street, Mark Lane, Northumberland Alley and Pepys Street – Amendments to the waiting and loading restrictions.

The City of London (Waiting and Loading Restriction) (Amendment No. 6) Order 2023

The City of London (Parking Places) (Amendment No. 16 Order 2023

1. NOTICE IS HEREBY GIVEN that the Common Council of the City of London on 22nd February

1984.

2. The effect of the Orders would be in:

(a) Hart Street to:-

(1) extend the existing ‘at any time’ waiting restrictions on the north side westward across the junction with New London Street;

(2) introduce ‘at any time’ waiting restrictions on the south side opposite New London Street;

(b) Mark Lane on:-

(1) the west side:-

(A) to introduce ‘at any time’ loading restrictions from opposite London Street to opposite No. 61; and

(B) to extend the existing ‘at any time’ waiting restrictions opposite Nos. 61 to 63;

(2) the east side:-

(A) to introduce ‘at any time’ waiting restrictions on the south side of the junction with London Street;

(B) to introduce ‘at any time’ loading restrictions outside Nos. 61 to 63;

(C) to revoke the four payment parking places outside No. 70 and revert this to ‘no waiting 7am – 7pm Monday to Friday and 7am – 11pm Saturday, any such day not being Christmas Day, Good Friday or a Bank Holiday’.

(c) Northumberland Alley to introduce ‘at any time’ waiting restrictions at the junction with Crutched Friars.

(d) Pepys Street to introduce ‘at any time’ waiting restrictions at the junction with Cooper’s Row.

3. The City of London, having given Notice on 17th November, 2022, will also introduce on 3rd April 2023 road humps under section 90C of the Highways Act 1980 at those locations previously advertised.

4. Copies of the proposed Orders, which will come into operation on 2nd March 2023, of the statement of reasons for making the Order and a plan showing the affected streets can be found on the City of at the Planning Enquiry Desk, North Wing, Guildhall, London, EC2P 2EJ may be viewed during

5. Any person desiring to question the validity of the Orders or of any provision contained therein on 1984, or that any of the relevant requirements thereof or of any relevant Regulations made thereunder has not been complied with may, within six weeks from the date on which the Orders are made, make an application for the purpose to the High Court.

Dated 23rd February 2023

Ian Hughes Director, City Operations