McKinsey Layoffs - 360 roles impacted

Current recession giving ‘08 vibes to consulting companies in India: - Accenture Strategy considering layoffs - Deloitte (Consulting) considering layoffs - Mckinsey - already have done non-consulting layoffs - MBB - expected to push out joining dates for new hires by at least ~6 months (most likely new joiners who were expecting to join in July-Aug 23’ to join only starting Jan 24’) Slow pace of new projects, ramp down of existing big clients, massively over hiring in 2022 (key reason) has led to most people being on the bench. Wouldn’t be surprised if the ‘Up or Out’ model comes into action more aggressively for the upcoming appraisal review cycle(s). Brace for impact! (all unconfirmed, heard through ‘grapevine’)

Heard from people I know at Bain that they are laying off. This is mostly the first time an MBB is doing layoffs (earlier they would silently fire, or delay onboarding) A friend got impacted. Seems like this could be 10-15% of their consultants. Unprecedented.

https://m-economictimes-com.cdn.ampproject.org/v/s/m.economictimes.com/tech/technology/accenture-to-cut-19000-jobs-trims-forecasts/amp_articleshow/98943110.cms?amp_js_v=0.1#webview=1&cap=swipe

Being an investor in equity markets, i was aware of the fact that US market will crash as the free money by fed draws back. I obviously was not able to link this up with the funding dry-ness. I still expect a founder to be aware of these economic events. I am curious how could the management decide to go for hiring employees only to lay them off a year later. If you are a founder, would be happy to know the other side of the story.

Big layoff coming in EY GDS. People on bench has been hinted in today's townhall. Lot of people are on bench in EY GDS for many many months. Till December they were telling EY is recession proof, now all of sudden that only people on engagements need not to be worried.

https://www.businesstoday.in/entrepreneurship/news/story/startup-layoffs-sequoia-backed-smallcase-lays-off-4-employees-374171-2023-03-20