McKinsey to Cut About 2,000 Jobs in One of Its Biggest Pullbacks

McKinsey & Co. plans to eliminate about 2,000 jobs, one of the consulting giant’s biggest rounds of cuts ever.

The firm known for devising staff-reduction plans for its clients is taking the ax to some of its own, with the move expected to focus on support staff in roles that don’t have direct contact with clients, according to people with knowledge of the matter.

Under a plan dubbed Project Magnolia, the management team is hoping the move will help preserve the compensation pool for its partners, the people said, asking not to be identified discussing non-public information. The firm, which ...