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McKinsey to eliminate 2,000 jobs


Consultancy major McKinsey & Co is looking to restructure its support teams to centralise some of the roles by eliminating about 2,000 jobs, one of the biggest rounds of cuts ever. The move is expected to focus on support staff in roles that don’t have direct contact with clients. Under a plan dubbed Project Magnolia, the management team is hoping the move will help preserve the compensation pool for its partners. The plan is expected to be finalised in the coming weeks, and the final number of roles to be eliminated from its 45,000 workforce could still change. That headcount is up from 28,000 just five years ago and 17,000 in 2012. DJ Carella, a company representative, said the firm is still hiring professionals who deal directly with clients.

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