Have McKinsey and its consulting rivals got too big?

The mentioned memo can be read here: https://web.archive.org/web/20240316081510/https://obligatio...

McKinsey has been doing "silent layoffs" in the last few review cycles, i.e., shrinking overall headcount after performance reviews – as there's not enough work to go around. Hard do meet the bar for a one-year BA, if you've only been on 1-2 studies – which is not exactly your fault.

All of consulting has been doing this for a while. Interest rates went up and fears of recession made companies pull back on spending. That hits consulting pretty hard. Usually consulting does well when things are going so bad you need the expertise no matter the cost or when things are nice and stable and you want to try something new. Anywhere in-between is hard times.