McKinsey & Company
McKinsey & Company is an American multinational strategy and management consulting firm that offers professional services to corporations, governments, and other organizations. Founded in 1926 by James O. McKinsey, McKinsey is the oldest and largest of the "MBB" management consultancies (MBB). The firm mainly focuses on the finances and operations of their clients.
Some of the key events about McKinsey & Company
- 1926Founded as an accounting and engineering consultancy in Chicago
- 1935Introduced the concept of budgeting as a management tool
- 1935Advised Nazi Germany on economic policy
- 1956Established the first management consulting practice in Europe
- 1968Created the "War Room" concept for strategic decision-making
- 1973Developed the first modern asset management practice for institutional investors
- 1980Launched the McKinsey Global Institute for economic research
- 1989Involved in the Savings and Loan crisis, leading to significant financial losses
- 1990Introduced the Net Promoter Score, a widely used customer loyalty metric
- 2001Established the McKinsey Social Sector Office to serve non-profits and foundations
- 2001Implicated in the Enron scandal for providing advice that enabled fraudulent practices
- 2008Advised companies on how to avoid taxes through offshore strategies
- 2010Created the McKinsey Center for Government to improve public sector performance
- 2011Faced criticism for its role in the 2008 financial crisis
- 2014Paid $600 million to settle charges related to insider trading
- 2017Advised Purdue Pharma on how to "turbocharge" opioid sales
- 2018Launched McKinsey.org, a non-profit organization focused on sustainable development
- 2018Involved in a corruption scandal in South Africa
- 2019Advised U.S. Immigration and Customs Enforcement (ICE) on cost-cutting measures for detainee facilities
- 2021Agreed to pay nearly $600 million for its role in the opioid crisis
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
