Company Actions - McKinsey & Co. has cut about 200 global tech jobs as it increases the use of artificial intelligence (AI) to automate certain positions and is considering further reductions across various functions over the next two years [6][1] - The company is focusing on investing in client-facing roles while scrutinizing headcount in non-client deployed areas, with a total staff of approximately 40,000, including around 3,000 partners [6][1] - Global Managing Partner Bob Sternfels stated that the firm will continue to add client-deployed staff and upskill existing employees, while likely reducing non-client deployed roles [6][4] Industry Trends - The consulting industry is facing challenges such as tighter corporate budgets and changes in government policy, which may impact growth [4] - Accenture Plc anticipates that US federal spending cuts on consultants will slow its growth next year, despite exceeding revenue expectations in the fourth quarter [4] - The banking sector is projected to cut up to 200,000 jobs in the next three to five years due to AI advancements, with Citigroup estimating that AI could contribute $170 billion to the industry by 2028, and 54% of roles having a high potential for automation [5][6]
McKinsey cuts about 200 tech jobs, shifts more roles to AI
The Economic Times·2025-11-26 08:25