U.S. Dollar Slides for Third Straight Week as Rate Cut Expectations Boost Euro and Pound 
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns 
Australia’s Labour Market Weakens as November Employment Drops Sharply 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
Asian Stocks Slide as Central Bank Decisions and Key Data Keep Investors Cautious 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only 
S&P 500 Slides as AI Chip Stocks Tumble, Cooling Tech Rally 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
China’s Small Bank Consolidation Struggles as Profits Fall and Risks Persist 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Japan Business Sentiment Hits Four-Year High, Boosting Expectations of BOJ Rate Hike 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
McKinsey & Company, a leading U.S.-based consulting firm, is undergoing a significant restructuring of its China operations. The firm has recently reduced its workforce in the region by approximately 500 jobs, or nearly one-third of its staff, according to a report from the Wall Street Journal. This move reflects McKinsey’s efforts to distance its China business from global operations, citing security concerns related to its government-linked clients.
Workforce Reduction in Greater China
Over the past two years, McKinsey has trimmed its workforce across Greater China, which includes Hong Kong and Taiwan. In June 2023, the company listed around 1,500 employees on its Greater China website, marking a significant reduction in staff.
Separation from Global Operations
The decision to restructure comes as McKinsey navigates the complex business environment in China. By separating its China unit from global operations, the firm aims to mitigate the risks associated with conducting business in the country, particularly in sectors with close government ties.
McKinsey’s Response
As of now, McKinsey has not responded to requests for comments outside of regular business hours, leaving questions about further plans for its China operations.
