McKinsey Cuts Partners by a Third

Investment Analysis Clubs Macro Economic Trends and Risks
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Well. More for the deserving senior execs. LOL
https://www.msn.com/en-ca/money/other/consulting-giant-mckinsey-cuts-new-partners-class-by-about-35-wsj/ar-AA1l6XJL

(Reuters) - Consulting giant McKinsey has cut its new partner class by about a third, the Wall Street Journal reported on Wednesday.

McKinsey recently told employees about 250 people would become partners early next year, down from about 380 previously, the report said citing people familiar with the matter.

And it appears this type of action will occur throughout businesses.

Companies across industries including consulting have been facing the headwinds amid ongoing economic uncertainties that has prompted firms to cut jobs and freeze starting salaries.

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Sauce for the goose eh? McKinsey’s default recommendation to clients is almost always headcount reduction at the lower levels. Now, they are adapting their own policy, cut at the bottom, but keep the “JCs” well fed and cared for.

Steve

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I sold my share of our consulting company when low quality staff were made junior partners. The other top consultants also left and the remaining carcass didn’t survive for long.

Participation awards are the seals of doom.

The Captain

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