AsianFin -- McKinsey & Company has reduced its global workforce by more than 10% over the past 18 months, signaling a sharp pivot from the aggressive hiring spree it pursued during the pandemic.

The consulting giant reported 45,100 employees at the end of 2023, its most recent public figure. That number has since fallen to around 40,000, according to a person familiar with the matter.

The development was first reported by the Financial Times. McKinsey, along with other top consulting firms, significantly expanded headcount in response to heightened demand during the COVID-19 era.

In 2020, McKinsey employed approximately 34,000 people, meaning it added nearly 9,000 staff over three years before beginning its current retrenchment.