This comes after the company cut 1,400 jobs in back-office and support functions last year.

A McKinsey spokesperson stated that they invest in growing capabilities that match client priorities and adjust the size of certain capabilities accordingly, resulting in some roles being eliminated.

McKinsey, a global consulting firm with over 45,000 employees, is undergoing a restructuring process that may affect around 3% of its specialists or technical experts.

The traditional consultant roles are not expected to be impacted.

The firm, which has offices in over 65 countries, generated a record $16 billion in revenue last year but there are signs of nervousness in the industry.

Despite the restructuring, McKinsey is committed to supporting departing colleagues during and after their transition.

The number of employees has increased significantly from approximately 28,000 in 2018.

For the past decade, 60% of clients have expected to increase their spend on professional consultancy services.

In 2024, a consulting group reports that 32% of clients plan to increase their spending on consulting services, while 56% expect to decrease their spend.

During the pandemic, there was a surge in demand for consultants as businesses needed help digitalizing and adapting to economic volatility.

However, now that the situation has stabilized, some consulting firms like Ernst & Young, PwC, and Accenture have announced job cuts.