Mckinsey

McKinsey agrees to pay $650 mn for helping Purdue Pharma boost opioid sales

McKinsey & Company consulting firm has agreed to pay USD 650 million to settle a federal investigation into its work to help opioids manufacturer Purdue Pharma boost the sales of the highly addictive drug OxyContin, according to court papers filed in Virginia on Friday. As part of the deal with the US Justice Department, McKinsey will avoid prosecution on criminal charges if it pays the sum and follows certain conditions for five years, including ceasing any work on the sale, marketing or promotion of controlled substances. A former McKinsey senior partner, Martin Elling, has also agreed to plead guilty to obstruction of justice for deleting documents from his laptop after he became aware of investigations into Purdue Pharma, the maker of OxyContin that was then a client, according to the filings. A lawyer for Elling declined to comment Friday. McKinsey said in a statement on Friday that it's deeply sorry for its work for Purdue Pharma. We should have appreciated the harm opioids .

McKinsey to cut 500 jobs in China, reducing ties with govt-linked clients

McKinsey's employee restructuring is aimed at separating its China unit from its global operations amid political pressure in the US over its work in Saudi Arabia and China

Kedaara Capital breaks mold for Indian PE firms with record capital raise

Kedaara Capital has raised a record $1.7 billion to put it on par with the deep-pocketed global players that have dominated the space for years

MSMEs contribute 62% to employment in India: McKinsey Global Institute

MSMEs in India are only 26 per cent as productive as large companies, in other emerging economies it is 29 per cent

Job cuts: McKinsey offering some staff nine months' pay to leave firm

McKinsey and its peers in the consulting world have trimmed headcount, delayed start dates and slowed the pace of hiring over the past year amid declining demand from clients

Generative AI will be disappointing in the short term, says Noshir Kaka

Noshir Kaka, Senior Partner and Co-lead of global Technology, Media & Telecommunications Practice, McKinsey & Company, says that GenerativeAI (GenAI) is like a double-edged sword

Half a century on, Emami group to identify new sectors for growth

In the last 50 years, it has traversed the journey from a start-up cosmetics company with four products to more than 500 across a Rs 30,000 crore group with diverse business interests

Algo rhythm: Digital spells money for India's BFSI companies, says report

The cost of acquiring customers through digital channels is 70 per cent cheaper, says the Google and McKinsey report

Top headlines: India's outward FDI shrinks, HCL Tech to acquire ASAP group

Business Standard brings you the top headlines at this hour

Remote work to wipe out $800 billion from office values, says McKinsey

Covid-19's push toward hybrid work has driven the need for office space down with vacancy rates rising, McKinsey Global Institute said Thursday in a report

Knowledge workers biggest losers of generative AI boom, says McKinsey

Generative AI will give humans a new "superpower", and the economy a much-needed productivity injection, said McKinsey report

McKinsey to kickstart layoffs this week, 1,400 jobs cuts likely: Bloomberg

Overall layoffs will amount to 3% of the workforce. According to Bloomberg, the company's workforce has risen to nearly 47,000 from 28,000 in the past five years. It was around 17,000 in 2012

India's tech spends to revert to pre-Covid levels, says McKinsey

Pandemic has decoupled the GDP growth and tech spends, it says

India offers many tailwind opportunities in various sectors: McKinsey India

Companies must choose growth mindset and constantly evaluate resource allocation to boost growth, McKinsey India said. Growth is the only oxygen that India needs, McKinsey India senior partner Jaidit Brar said at the annual convention of Madras Management Association here. "The drivers of margin accretive growth are relentless cost and value engineering; quality of revenue, new business models and scale benefits," he said at the event which was held on the theme "India's Century: How to Drive Sustainable, Inclusive Growth?". Companies must choose growth mindset, constantly evaluate resource allocation, pursue adjacent opportunities, serve global markets, he said. NITI Aayog former CEO Parameswaran Iyer said the Centre wants to create facilities that would remove the divide between villages and cities and government would be an enabler and not implementer. India is very much on the path to become a developed nation, thanks to its economy, sound macro-economic fundamentals, robust .

McKinsey plans to cut about 2K jobs in one of its biggest rounds of layoffs

The plan is expected to be finalized in the coming weeks, and the final number of roles to be eliminated from its 45,000 workforce could still change

McKinsey: A profile in amorality

When McKinsey is held to account, the blame is invariably taken by the partners engaged in that transaction

COP27: To decarbonise by 2050, India needs investments of at least $7 trn

And India's progress towards net zero by 2070 will depend on how successful it is in facilitating an orderly transition to a clean economy

McKinsey lists 10 steps to decarbonise India while pursuing economic growth

India emits a net 2.9 gigatons of carbon-dioxide equivalent every year, third-largest globally, as of 2019, according to a report recently released by McKinsey Sustainability

The new science of a lost art

Borrowing the term crux from mountaineering, Dr Rumelt argues that it represents the most critical challenge to the desired progress

A CEO's counsel for 21-year-olds

References to popular movies and a conversational writing style make this book an easy read