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Consulting firm McKinsey & Company is planning to cut about 2,000 jobs as part of its restructuring plans. This is one of the company’s biggest layoffs ever. The current round of job cuts will affect its non-client-facing support staff, as reported by Bloomberg.

The layoffs are a part of Project Magnolia, which the firm hopes will help preserve the compensation pool of its partners, according to the report.

The company is also looking to restructure how it organises its support team to centralise some of the roles.

The job cuts are likely to be finalised in the coming weeks.

According to reports, McKinsey employs approximately 45,000 people, up from approximately 28,000 five years ago, and 17,000 in 2012.

The firm posted a record $15 billion in revenue in 2021, and surpassed that figure in 2022.

The move comes after Bob Sternfels took over as the global managing partner two years ago, following a vote by its roughly 650 senior partners to oust his predecessor, Kevin Sneader.

Earlier to this, many big firms such as tech giants Amazon and Microsoft, have also announced job cuts, and Morgan Stanley, Goldman Sachs, and some other known banks have been downsizing thousands of positions.