How does Covid-19 impact consulting industry revenue?
Comparing to investment banking, is consulting holding up better or worse? My guess is corporates/governments are having less revenue to pay for consulting services.
Aug 15, 2020
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Really varies by firm. Friend at McKinsey hasn’t seen a large change. Have heard that Deloitte had some layoffs (assuming mainly for accounting).
All firms made changes back in March in anticipation for reduced demand due to covid. At MBB, some bonuses were reduced and start dates for new hires were pushed out a few months. Some other firms took more drastic measures. Accenture and Deloitte had sizable layoffs and LEK/Other T2s started furloughing benched consultants.
However, now it seems like some of these measures were overreactions as demand for work is coming back quicker than expected. At least at one of the MBBs, new hires are now being asked to start on their original start dates with some even asked to start earlier. Bonuses and early-promotion discussions are starting to creep into conversations again. Personally, I am optimistic that the worst is over.
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