McKinsey has laid off 10% of its workforce over the past 18 months, highlighting a broader trend across the consulting industry.
The sector is taking a major hit as artificial intelligence increasingly handles the kinds of strategic decisions that once required expensive consulting contracts. Many large companies no longer see the need to pay millions for advice they can now get from AI-powered tools.
McKinsey has also been hit with a $1.6 billion legal settlement tied to its role in the U.S. opi--d crisis.
These are McKinsey’s biggest job cuts in a century, marking what many see as the beginning of the end of the global consulting bo-m.