McKinsey plans to cut thousands of jobs

STERNFELS TOOK CENTRE stage and told his peers that the firm was finally ready to escape years of lackluster growth.

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“I'd like to ask you, are you excited about our mission? Do you feel we have a good shot?” he exhorted the crowd, before telling them the good times were on their way for those who say yes. Sternfels is in the middle of his second three-year term as McKinsey’s global managing partner, the de facto leader.

Even with its outsized influence, McKinsey is navigating a challenging period for the industry as clients turn more cost-conscious, forcing the company to contend with a slowdown in demand for its traditional services.