Top News

McKinsey layoffs: McKinsey & Company -- the global consulting giant where billionaire Mukesh Ambanis daughter Isha Ambani started her professional career-- has reportedly laid off over 5000 employees making it one of largest reduction of workforce by the company in its 98-year history. McKinsey laid off over 5000 workers since 2023 As per a report by the Financial Express McKinsey has laid off more than 5000 workers roughly over 10% of its global workforce over the past 18 months which is being seen as part of the sectors ongoing recalibration efforts after the explosive growth witnessed during the Covid-19 pandemic. According to the report McKinsey and Company currently employs a workforce of around 40000 compared to more than 45000 at the end of 2023. The companys workforce had swelled by nearly two-thirds from 2018-2023 as clients rushed to future-proof their business models after the pandemic era. However the consulting industry has cooled off in the post-pandemic era prompting firms to revaluate their strategies and scale of operations. During recent years McKinsey driven by increased demand during the pandemic era had aggressively expanded in various sectors including digital transformation data analytics and project delivery. But as the demand cooled off the firm kicked off a major internal restructuring imitative in 2023 which began with the elimination of 1400 back-office positions and later sacked 400 data and software engineering specialists in the same year. Meanwhile McKinseys operational challenges have been compounded by the many legal battles the company has been embroiled in especially one surrounding its historical consulting work with opioid manufacturers in the United States which forced the firm to pay $1.6 billion in settlements putting pressure on its financials. Isha Ambani started her career at McKinsey Notably Isha Ambani the only daughter of billionaire Mukesh Ambani and Nita Ambani started her corporate career at McKinsey and Company prior to joining Reliance Industries-- the mega conglomerate led by her illustrious father. In 2014 after earning a bachelors degree in psychology and South Asian studies from the prestigious Yale University Isha Ambani then 22 joined Mckinsey & Company as a business analyst a move business insiders believe was aimed to groom her for a leadership role at Reliance in the future. The prophecy was fulfilled as Isha Ambani following a brief stint at Mckinsey joined the her fathers expansive oil-to-telecom conglomerate and currently heads Reliance Retail a subsidiary of Reliance Industries which has emerged as Indias largest retailer.