(Reuters) – U.S.-based consulting firm McKinsey is revamping its China business after reducing its government-linked clients and cutting about 500 jobs, which is around a third of its China workforce, the Wall Street Journal reported on Wednesday.
The company has been separating the China unit from its global operations to reduce security risks with doing business in the country, the report said, citing people familiar with the matter.
McKinsey has reduced its workforce in Greater China, including Hong Kong and Taiwan, by hundreds of employees over the past two years, the report said. In June 2023, the firm had listed nearly 1,500 employees on the Greater China website, the report added.
McKinsey did not immediately respond to a Reuters request for comment outside regular business hours.