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FT article today suggests that deal value and IB fees are quite low. Over exposure here to the deal market places us in a precarious position, while I think MBBs would be faring better given their strategy and transformation work across sectors.
Other firms aren’t really doing layoffs or furloughs. They are mostly just raising the threshold for performance during reviews and delaying start dates. And none of the “cuts” at MBBs and others have been as deep at least when it comes to consulting staff.
The problem with AS is that we specialize in TMT and that too DDs and deal flow has been hit super hard, specifically in tech. Firms that don’t specialize in TMT like MBB have other practices like healthcare that are still chugging along, which can subsidize the practices that have been hit harder. The other factor is that AS doesn’t really do large-scale, long-term transformation work like Big 4s and McKinsey. These tend to be steadier revenue streams.
So yes, AS is likely doing worse than most other strategy firms — I don’t buy the mental gymnastics people are going through to claim it isn’t — but it’s not necessarily because of mismanagement or anything other than the macroeconomic situation. Maybe I’m bitter because I’ve been impacted by the cuts but I do think MC could have handled things better to manage demand over the last few years and limit the layoffs. But when no one — not even the Fed — called it right, it’s difficult to put too much of the blame on them.
Thank you for the kind words! Junior staff who are mostly generalists at MBB are probably much safer but I do agree that it’s practice dependent and DD practices are doing terribly everywhere. Totally agreed on the boring transformation work though — personally would take a 2 week DD over that any day lol.
I came from one of those firms and they're all shedding staff. They just do a better job of executing them less transparently and staggared so the process is more opaque and implicitly tied to "performance"
That’s what I expected - so actually not as bad as it seems in this bowl
From my friends in consulting this is an industry wide thing. We are just a smaller firm so it is much more visible to everyone. When you work for even Bain (the smallest MBB) with 15k employees, if they quietly let go a bunch of people you may not even know. Mckinsey and BCG also do have a national staffing model so they don't have as strong of a culture or know each other as well, so the employees do not feel it as much as they don't see it happening.
Yeah AS2, it disproportionately affected consulting staff last time and this time as well (at least SCs, which makes sense given they are more expensive).
Also people were counseled out on top of layoffs in March, so not sure what SC1 is talking about.