McKinsey & Company

McKinsey & Company is an international management consulting company. Since 1993, McKinsey has been working with Russian market leaders, providing services to a wide range of clients from Russia other countries, including companies specializing in,, and oilgas bank retail many other sectors. McKinsey also cooperates with Russian state authorities, international financial institutions and cultural institutions.

Business in Russia

Main article: Yakov and partners (formerly McKinsey in Russia)

History

2023: 2,000 employees laid off

Consulting giant McKinsey will lay off 2,000 people, Bloomberg reported in February 2023, one of the largest rounds of cuts in the consultancy's history. This could be a consequence of the side effect of larger layoffs in the tech industry.

McKinsey, known for developing staff reduction plans for its customers, is picking up an axe for some of them, with the focus, according to people with knowledge of the matter, being on support staff who have no direct contact with customers.

2021: $573 million compensation payment to facilitate sales of opioid drugs in the United States

In early February 2021, the consulting company McKinsey agreed to pay $573 million as part of an agreement to settle a case investigating its participation in facilitating the sale of opioid drugs in the United States. Read more here.

2019: $15m fine for withholding information about conflicts of interest

In mid-February 2019, McKinsey was fined $15 million for hiding information about conflicts of interest.

McKinsey, part of the "big three" consulting giants, has been accused of violating disclosure rules in three cases of bankruptcies the company had worked on in previous years. McKinsey hid information about possible conflicts of interest in these cases, although it was obliged to report them immediately.

McKinsey agreed to pay $15 million to settle bankruptcy violations

The prosecutor was the US Trustee Program (USTP), which is responsible for the bankruptcy system in the United States. The regulator's message indicates that the amount presented by McKinsey is one of the largest fines for violating bankruptcy disclosure rules.

McKinsey has not fulfilled its obligations under bankruptcy law and has not been fully honest with the court and regulators, says USTP director Cliff White. - However, McKinsey, despite its status, is obliged to meet the standards that all specialists involved in bankruptcy cases follow. If the company continues to adhere to such a strategy, we will be forced to apply more serious measures.

The settlement would end the Justice Department's legal battle with McKinsey over three failed companies: Alpha Natural Resources, Westmoreland Coal and SunEdison. Under the agreement, the Justice Department will no longer investigate McKinsey for the 14 bankruptcies the company has worked with since 2001, when it began advising insolvent clients. However, the Ministry reserved the right to file new complaints if it received information that McKinsey was hiding important information or did not want to cooperate with law enforcement.^[1]

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