Not sure if any of you subscribe to McKinsey Quarterly. I am a fan for their articles on healthcare trends and policies, and it is nice to read their interviews with CEOs, etc. Before, I used to receive one "new article notification" per week, which means on average McKinsey used to write one new article on healthcare each week. However, lately my mailbox has been bombarded by their notifications. There have been as many as 5 new article notifications PER DAY!Why?Couple weeks ago, an old lady at my volunteering project told me that many top MBA students interned for her non-project organization this summer. This is very unusual, but those students told her that McKinsey and Bain weren't hiring at all.I then talked to WHH's colleague's girlfriend, who is going to work for Citigroup. Very young and smart girl, she interned with McKinsey HK last summer, and she was bored to hell (economy had already greatly impacted them at that time). The friends she made at McKinsey just told her that the "beach %" is 70+ now in HK. Meaning at McKinsey HK, there are as many as 70% of consultants not on project right now.WHH's mom called me last night. One of her apartments in HK is lent to someone working for McKinsey, and she was told that they've laid off a LOT of people lately. She's concerned -- if that guy gets laid off by McKinsey, he might move out (no money to pay the high rent)! Obviously, the best thing to do when there's no project around, is to write articles.I guess that's why McKinsey is churning out a few new articles per day. Furious!(Note: Of course not all of their consultants are on the beach! In fact another of WHH's colleague's girlfriend works for McKinsey Chicago, and she is on a project.) Hope the economy will get well soon.
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