Full History Of McKinsey & Company In Timeline From 1922

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1922: James O. McKinsey Introduces Budget Planning

In 1922, McKinsey & Company's founder, James O. McKinsey, introduced the concept of budget planning as a management framework in his fifth book, Budgetary Control.

1924: Ideas introduced in the book Business Administration

In 1924, the book Business Administration introduced ideas that would later be used to establish the General Survey Outline (GSO).

1926: James O. McKinsey & Company Founded in Chicago

In 1926, James O. McKinsey founded James O. McKinsey & Company in Chicago. McKinsey, a professor of accounting at the University of Chicago, started the firm after witnessing inefficiencies in military suppliers while working for the United States Army Ordnance Department.

1926: McKinsey & Company Founded

In 1926, James O. McKinsey founded McKinsey & Company, an American multinational strategy and management consulting firm that offers professional services to corporations, governments, and other organizations.

1929: AT Kearney Hired as Partner

In 1929, AT Kearney was hired as one of McKinsey's first partners.

1931: McKinsey Creates General Survey Outline (GSO)

In 1931, McKinsey created the General Survey Outline (GSO), a methodology for analyzing companies based on ideas from the 1924 book Business Administration.

1932: Second Office Opens in New York City

In 1932, McKinsey & Company opened its second office in New York City.

1933: Marvin Bower Hired as Partner

In 1933, Marvin Bower was hired as one of McKinsey's first partners.

1935: Merger with Scovell, Wellington & Company

In 1935, James McKinsey left the firm temporarily to be the chairman and CEO of client Marshall Field's. Also in 1935, McKinsey merged with accounting firm Scovell, Wellington & Company, creating McKinsey, Wellington & Co.

1935: McKinsey begins consulting on employee relations

In 1935, after the Wagner Act gave employees the right to organize into unions, McKinsey started consulting corporations on employee relations.

1937: Death of James O. McKinsey

In 1937, James O. McKinsey died after catching pneumonia.

1937: McKinsey's Values and Principles Established

In 1937, Marvin Bower established McKinsey's values and principles, based on his experience as a lawyer. The firm developed an "up or out" policy and Bower established rules such as prioritizing client interests, maintaining confidentiality, and only performing necessary work that McKinsey can do well.

1939: Division of McKinsey, Wellington & Company

In 1939, James O. McKinsey's death led to the division of McKinsey, Wellington & Company. The accounting practice returned to Scovell, Wellington & Company, while the management engineering practice was split into McKinsey & Company and McKinsey, Kearney & Company.

1946: New York Office Purchases Rights to McKinsey Name

In 1946, the New York office purchased exclusive rights to the McKinsey name from the former McKinsey Chicago office which was separated with AT Kearney.

1951: Establishment of the "up or out" policy

In 1951, McKinsey established the "up or out" policy. This meant consultants who were not being promoted within the firm were asked to leave. By 1997, about one-fifth of McKinsey's consultants departed each year under the up or out policy.

1951: Profit-Sharing, Executive and Planning Committees Formed

In 1951, McKinsey's profit-sharing, executive, and planning committees were formed.

1953: Hiring of Recent Graduates

In 1953, McKinsey & Company became the first management consultancy to hire recent graduates instead of experienced business managers.

1953: McKinsey Creates Report for Dwight D. Eisenhower

In 1953, McKinsey created a report for Dwight D. Eisenhower that was used to guide government appointments.

1955: Founded the Foundation for Management Research

In 1955, McKinsey was one of the first organizations to fund management research, founding the Foundation for Management Research.

1956: Restructuring as a private corporation

In 1956, McKinsey & Company underwent a legal restructuring, transitioning from a partnership to a private corporation. Shares of the company became owned by its partners, while still mimicking the structure of a partnership. Senior employees were still referred to as "partners."

1956: McKinsey Becomes a Private Corporation

In 1956, McKinsey became a private corporation with shares owned exclusively by McKinsey employees.

1957: Reference to the First S&P 500 List

McKinsey's "Creative Destruction" book found that out of the first S&P 500 list from 1957, only 74 were still in business by 1998.

1958: McKinsey Helps Organize NASA

In 1958, McKinsey helped organize NASA into an organization that relies heavily on contractors.

1959: Marvin Bower Elected as Managing Director

In 1959, Guy Crockett stepped down as managing director, and Marvin Bower was elected in his place.

1960: Publications

From 1960 to 1980, McKinsey consultants published only two books.

1964: Began Publishing "The McKinsey Quarterly"

In 1964, McKinsey began publishing a business magazine called "The McKinsey Quarterly".

1966: Expansion of International Offices

By 1966, McKinsey had six offices in major US cities and six abroad. These foreign offices were primarily in Europe, such as in London, Paris, and Amsterdam, as well as in Melbourne.

1967: Bower Steps Down, Revenues Decline

In 1967, after Bower stepped down, the firm's revenues declined. New competitors like the Boston Consulting Group and Bain & Company created increased competition for McKinsey.

1971: Commission on Firm Aims and Goals Created

In 1971, McKinsey created the Commission on Firm Aims and Goals, which found that McKinsey had become too focused on geographic expansion and lacked adequate industry knowledge.

1973: McKinsey Leads Project to Create the Barcode

In 1973, McKinsey & Company led a project for a consortium of grocery chains to create the barcode.

1975: Publication of "Make Overhead Cuts That Last"

In 1975, McKinsey consultant John L. Neuman published "Make Overhead Cuts That Last" in Harvard Business Review, introducing "overhead valuation analysis" (OVA) which guided McKinsey's "path to downsizing".

1975: Overhead Value Analysis Introduced

In 1975, McKinsey's John L. Neuman introduced the business practice of "overhead value analysis" in a publication, which contributed to a downsizing trend that eliminated many jobs in middle management.

1976: Ron Daniel Elected Managing Director

In 1976, Ron Daniel was elected managing director, serving until 1988. Daniel helped shift the firm away from its generalist approach by developing specialized working groups and practice areas.

1977: Reference Point for Growth Comparison

In 1977, the firm's size was used as a reference point to measure its growth by 1997.

1980: Publications

From 1960 to 1980, McKinsey consultants published only two books.

1982: Publication of "In Search of Excellence"

In 1982, McKinsey published the book "In Search of Excellence". It featured eight characteristics of successful businesses based on an analysis of 43 top-performing companies, marking McKinsey's shift from accounting to "softer" aspects of management.

1984: Analysis of "Excellent" Companies

In 1984, BusinessWeek found that many of the companies identified as "excellent" in the book "In Search of Excellence" no longer met the criteria only two years later.

1987: Knowledge Management Efforts Begun

In 1987, Ron Daniel began McKinsey's knowledge management efforts, leading to the creation of an IT system, a process to centralize knowledge, and a resource directory of internal experts.

1988: New Offices Opened

By the end of Ron Daniel's tenure in 1988, the firm was growing again and had opened new offices in Rome, Helsinki, São Paulo and Minneapolis.

1988: Fred Gluck Becomes Managing Director

In 1988, Fred Gluck became McKinsey's managing director, and served until 1994.

1989: Acquisition of Information Consulting Group (ICG)

In 1989, the firm tried to acquire talent in IT services through a $10 million purchase of the Information Consulting Group (ICG).

1990: Founded the McKinsey Global Institute

In 1990, McKinsey founded the McKinsey Global Institute, which studies global economic trends.

1990: Publication of "Valuation: Measuring and Managing the Value of Companies"

Since 1990, McKinsey has been publishing "Valuation: Measuring and Managing the Value of Companies", a textbook on valuation.

November 1, 1993: Profile in Fortune Magazine

On November 1, 1993, Fortune magazine described McKinsey & Company as the most well-known, secretive, high-priced, prestigious, consistently successful, envied, trusted, and disliked management consulting firm.

1993: Culture Clash Following ICG Acquisition

By 1993, a culture clash caused 151 out of the 254 ICG staff members to leave after the 1989 acquisition of ICG.

1993: Size of the Firm

In 1993, McKinsey had 151 senior partners.

1994: End of Fred Gluck's Tenure as Managing Director

In 1994, Fred Gluck's tenure as McKinsey's managing director came to an end.

1994: Rajat Gupta Becomes Managing Director

In 1994, Rajat Gupta became the first non-American-born partner to be elected as the firm's managing director.

1996: Publications

From 1980 to 1996, McKinsey consultants published more than 50 books.

September 1997: Culture Described as "Collegiate and Ruthlessly Competitive"

In September 1997, The News Observer described McKinsey's internal culture as "collegiate and ruthlessly competitive" and as arrogant.

1997: Recruitment and "Up-or-Out" Policy

According to a 1997 article in The Observer, McKinsey & Company recruited recent graduates and instilled a religious conviction in them. Then McKinsey culled through them with its up-or-out policy.

1997: Significant Growth Realized

By 1997, McKinsey had grown eightfold over its size in 1977.

1997: Business Technology Office (BTO) Founded

In 1997, a Business Technology Office (BTO) was founded, which provides consulting on technology strategy.

1997: Article on "The War for Talent"

In 1997, an article and a book McKinsey published in 2001 on "The War for Talent" prompted academics and the business community to focus more on talent management. The authors advocated that companies rank employees by their performance and promote "stars".

1998: Reference to the First S&P 500 List

McKinsey's "Creative Destruction" book found that out of the first S&P 500 list from 1957, only 74 were still in business by 1998.

1998: E-commerce Projects Undertaken

Starting in 1998, McKinsey performed more than 1,000 e-commerce projects.

1999: McKinsey consultants designed and implemented studies according to "The McKinsey Way"

According to the 1999 book, "The McKinsey Way", McKinsey consultants designed and implemented studies to evaluate management decisions using data and interviews to test hypotheses. The study results were then presented to senior management, typically in a PowerPoint presentation and a booklet.

1999: Recruits Demographic

By 1999, McKinsey & Company's recruits had advanced degrees in science, medicine, engineering or law.

1999: Culture Described in "The McKinsey Way"

In 1999, Ethan Rasiel's book, "The McKinsey Way", described McKinsey's culture as one where members were not supposed to "sell" their services.

1999: McKinsey Hired by Sinochem

In 1999, McKinsey was hired by Sinochem to improve its management and internal controls, marking the first time a central state-owned enterprise of China had hired a foreign consulting firm.

1999: Investment in Knowledge Management Budget

In 1999, McKinsey's knowledge management budget was $8.3 million.

October 1, 2000: New York Times Article on Management Consultants

On October 1, 2000, an article in the New York Times described the compulsory mini-courses that McKinsey offered their "hyper-educated" young new recruits who would then begin advising the executives of multibillion-dollar companies.

2000: AT&T's Reduced Investments in Cell Towers

In the 1980s, AT&T reduced investments in cell towers due to McKinsey's prediction that there would only be 900,000 cell phone subscribers by 2000, a figure significantly lower than the actual 109 million subscribers by 2000.

May 2001: Criticism of "War on Talent"

In May 2001, a Stanford professor wrote a paper critical of the "War on Talent", arguing that it prioritized individuals at the expense of the larger organization.

2001: Involvement in Enron Scandal

In 2001, McKinsey & Company was directly involved in the Enron scandal.

2001: Publication of "Creative Destruction"

In 2001, McKinsey consultants published "Creative Destruction", suggesting that CEOs need to be willing to change or rebuild a company rather than protect what they have created.

2001: Launch of Public and Social Sector Practices

In 2001, McKinsey launched several practices that focused on the public and social sector. The company took on many public sector or non profit clients on a pro bono basis. The burst of the dot-com bubble and a recession in 2001 meant the company had to reduce its prices, cut expenses and reduce hiring.

2001: Collapse of Enron

In 2001, McKinsey was associated with a number of notable scandals, including the collapse of Enron.

July 2002: BusinessWeek article details McKinsey's involvement in Enron scandal aftermath

In July 2002, John Byrne's BusinessWeek article examined the aftermath of the Enron scandal. The article stated that McKinsey was a key architect in Enron's strategic thinking, helping to position the energy giant as a corporate innovator. It also questioned if McKinsey ignored warning flags in order to keep an important account.

2002: Investment in Knowledge Management

By 2002, McKinsey had invested a $35.8 million budget on knowledge management, up from $8.3 million in 1999.

2002: BusinessWeek article questions McKinsey's role in the Enron scandal

In 2002, a BusinessWeek article questioned McKinsey's liability and close relationship with Enron, suggesting they may have ignored warning signs prior to the Enron scandal. The article raised questions about McKinsey's involvement with Enron.

2002: BusinessWeek article questions McKinsey's role in bankruptcies

In 2002, an article in BusinessWeek questioned whether McKinsey was responsible or had a lapse in judgement, in a series of bankruptcies of McKinsey clients, such as Swissair, Kmart, and Global Crossing, in the 1990s.

2003: Ian Davis Elected Managing Director

In 2003, Ian Davis, the head of the London office, was elected to the position of managing director. Also in 2003, the firm established a headquarters for the Asia-Pacific region in Shanghai.

2004: Majority of Revenues Generated Outside the U.S.

By 2004, more than 60 percent of McKinsey's revenues were generated outside the U.S.

2004: McKinsey began working for Purdue Pharma and other opioid makers

In 2004, McKinsey began working for Purdue Pharma and other opioid makers over a 15-year period.

2005: Keeping a Low Profile

In 2005, The Sunday Times wrote that McKinsey was still trying to keep a very low profile public image. That year, an article in The Guardian said that McKinsey's hours are long, expectations high and failure not acceptable.

February 2007: Release of First Marginal Abatement Cost Curve

In February 2007, McKinsey & Company released its first marginal abatement cost (MAC) curve for greenhouse gas emissions.

2008: McKinsey's role in the 2008 financial crisis

In 2008, McKinsey is said to have played a significant role in the financial crisis by promoting the securitization of mortgage assets and encouraging banks to fund their balance sheets with debt, which drove up risk.

2008: The 2008 financial crisis

In 2008, McKinsey was associated with a number of notable scandals, including the 2008 financial crisis.

2008: Establishment of Social Sector Office (SSO)

In 2008, the company started a Social Sector Office (SSO), which is divided into three practices: Global Public Health, Economic Development and Opportunity Creation (EDHOC) and Philanthropy.

January 2009: Updated Marginal Abatement Cost Curve

In January 2009, McKinsey & Company updated its marginal abatement cost (MAC) curve for greenhouse gas emissions to version two.

October 2009: Culture Described as Focused on "Playing by the Rules"

According to an October 2009 Reuters article, McKinsey had a "button-down culture" focused on "playing by the rules".

2009: Recruits Demographic

By 2009, less than half of McKinsey & Company's recruits were business majors. Many had advanced degrees in science, medicine, engineering or law.

2009: Dominic Barton Elected as Managing Director

By 2009, the firm consisted of 400 directors (senior partners). Dominic Barton was elected as managing director.

2009: The Economist compares McKinsey to 2009 statistics.

In 2009 McKinsey had a smaller number of employees and partners, according to a 2019 report by The Economist that highlighted McKinsey's scandals and growth, the number of employees increased to 30,000 worldwide from 17,000, and partners increased by 2,200.

2009: Association with Galleon Scandal

In 2009, McKinsey & Company was closely associated with the Galleon scandal.

2009: Publication of "The Alchemy of Growth"

In 2009, McKinsey consultants published "The Alchemy of Growth", which established three "horizons" for growth: core enhancements, new growth platforms and options.

2009: Anil Kumar Leaves Firm After Allegations

In 2009, senior partner Anil Kumar, described as Gupta's protégé, left the firm after the allegations.

January 2010: Anil Kumar Pleads Guilty

In January 2010, senior partner Anil Kumar pleaded guilty after allegations in 2009. He violated McKinsey's policies on confidentiality.

2010: Rainforest Foundation UK Report on McKinsey's Cost Curve Methodology

In 2010, the Rainforest Foundation UK issued a report criticizing McKinsey's cost curve methodology, asserting it was misleading for policy decisions related to the Reduced Emissions from Deforestation and Forest Degradation (REDD) program. The report argued that McKinsey's calculations omitted certain implementation and governance costs, favoring industrial forest uses over subsistence projects.

2010: Roots of Corporate Management Change Traced to McKinsey

In his 2010 publication, "The Lords of Strategy: The Secret Intellectual History of the New Corporate World", business journalist Walter Kiechel traced the roots of a profound change in corporate management to "four mavericks" in the 1960s, including Fred Gluck at McKinsey & Company. These individuals revolutionized how we think about business.

February 2011: Survey on Affordable Care Act

In February 2011, McKinsey surveyed 1,300 US private-sector employers on their expected response to the Affordable Care Act (ACA).

June 2011: Publication of Survey Results on Affordable Care Act

In June 2011, McKinsey published the results of their survey on the Affordable Care Act (ACA) in the McKinsey Quarterly. These results became a useful tool for critics of the ACA.

October 2011: Gupta Arrested by the FBI

In October 2011, Rajat Gupta was arrested by the FBI on charges of sharing insider information from confidential board meetings.

2011: Start of vital client projects for McKinsey in Saudi Arabia

From 2011 to 2016 McKinsey had nearly 600 projects with the kingdom of Saudi Arabia.

2011: Violent crimes began to increase at Rikers Island

From 2011, violent crimes including "slashings and stabbings" increased over 1000% at the Rikers Island jail complex.

2011: Allegations of Corrupt Practices by McKinsey at Transnet

In 2011, alleged corrupt practices by McKinsey at Transnet began to surface regarding alleged corrupt practices.

June 2012: Gupta Convicted of Conspiracy and Securities Fraud

In June 2012, Rajat Gupta was convicted of four counts of conspiracy and securities fraud, and acquitted on two counts.

2012: Dominic Barton Re-elected as Managing Director

In 2012, Dominic Barton was re-elected as managing director.

2012: McKinsey Paid Bribes to Government Officials in South Africa

In 2012, McKinsey paid bribes to government officials in South Africa.

2012: Allegations of Corrupt Practices by McKinsey at Transnet

In 2012, alleged corrupt practices by McKinsey at Transnet continued to surface regarding alleged corrupt practices.

2013: Services offered according to "The Firm"

According to the 2013 book "The Firm", McKinsey & Company offered strategy and management consulting services. These services included advice on acquisitions, development of sales force restructuring plans, creation of new business strategies, and providing advice on downsizing.

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2013: Facilitating a turnaround for Hoogovens

As of 2013, McKinsey facilitated a turnaround for Hoogovens, the world's largest steel company, through a $1 billion bankruptcy bailout.

2013: Decentralized Structure

By 2013, McKinsey & Company was characterized as having a decentralized structure, where offices operated independently but similarly. The firm's budgeting was centralized, while individual consultants had a high degree of autonomy.

2013: McKinsey Responds to Allegations of Paying for Anoj Singh's Expenses

In 2013, McKinsey responded to allegations of paying for Anoj Singh's expenses, stating that an extensive review indicated they did not pay for Singh's airfare and hotel lodgings in connection with the CFO Forum and related meetings in London and elsewhere.

2013: Expectations of Consultants

In his 2013 book, "The Firm: The Story of McKinsey and Its Secret Influence on American Business", Duff McDonald described how McKinsey's consultants were expected to become a part of the community and recruit clients from church, charitable foundations, board positions and other community involvements.

2014: New York City hires McKinsey to reduce prison assaults at Rikers Island

In 2014, New York City paid McKinsey $27.5 million to reduce prison assaults in Rikers Island.

2014: Expected Impact of the Affordable Care Act

In February 2011, a McKinsey survey suggested that thirty percent of respondents anticipated they would probably or definitely stop offering employer-sponsored health coverage after the Affordable Care Act (ACA) went into effect in 2014.

2015: Dominic Barton Re-elected as Managing Director

In 2015, Dominic Barton was re-elected as managing director.

2015: Association with Valeant Scandal

In 2015, McKinsey & Company was closely associated with the Valeant scandal.

2015: McKinsey Advised Chinese Government on Five-Year Plan

In 2015, McKinsey's think tank, the Urban China Initiative, advised the Chinese government on its 13th five-year plan and its Made in China 2025 policy.

2015: Valeant accused of improper accounting

In 2015, Valeant, a Canadian pharmaceutical company investigated by the SEC, was accused of improper accounting, with the Financial Times noting McKinsey's heavy involvement through its ex-employees and consulting work.

2016: End of vital client projects for McKinsey in Saudi Arabia

From 2011 to 2016 McKinsey had nearly 600 projects with the kingdom of Saudi Arabia.

2016: Dominic Barton's Report of the Advisory Council on Economic Growth

In 2016, McKinsey head Dominic Barton's report of the Advisory Council on Economic Growth advocated for a steep increase in immigration to bring Canada's population to 100 million by 2100.

2016: McKinsey Paid Bribes to Government Officials in South Africa

In 2016, McKinsey paid bribes to government officials in South Africa.

2016: McKinsey partner convicted for illegally depleting State Farm

In 2016, McKinsey partner Navdeep Arora was convicted for illegally depleting State Farm of over $500,000 over a period of 8 years, in collaboration with a State Farm employee.

2016: South Africa Scandal Mentioned by The Economist

In 2016, McKinsey was involved in a scandal in South Africa, as reported by The Economist in November 2019, highlighting the issue as one of the firm's relatively recent scandals.

2016: Reports of rigged program by McKinsey consultants and jail officials

In 2016, it was found that McKinsey consultants and jail officials rigged the anti-violence strategy program called 'Restart' by grouping compliant inmates into the housing units.

2016: Payments to McKinsey deemed illegal

In 2016, payments to McKinsey were deemed illegal, involving crimes such as fraud, theft, corruption and money laundering.

2017: NYC abandons McKinsey's recommendations for Rikers Island due to increased violence

By 2017, the violence at Rikers Island had grown, and New York City abandoned many of McKinsey's recommendations.

2017: Allegations of Unpaid Volunteer Work on Macron's Campaign

In 2017, McKinsey consultants allegedly worked as unpaid volunteers on Emmanuel Macron's election campaign, potentially violating French law.

January 2018: Criminal complaints filed against McKinsey in South Africa

In January 2018, criminal complaints were filed against McKinsey & Company by the South African Companies and Intellectual Property Commission.

February 2018: Kevin Sneader Elected as Managing Director

In February 2018, Kevin Sneader was elected as managing director.

July 1, 2018: Kevin Sneader's Term Begins

On July 1, 2018, Kevin Sneader began his three-year term as managing director.

July 2018: McKinsey agreed to return funds paid by Eskom

In early July 2018, McKinsey had been in discussion with Eskom and the National Prosecuting Authority to agree on a process for returning the R 1 billion (US$74M) it had been paid.

July 2018: Allegations of Corrupt Practices by McKinsey at Transnet

In late July 2018, information surfaced regarding alleged corrupt practices by McKinsey at Transnet in 2011 and 2012. The Mail & Guardian reported that a forensic treasury report indicated that Anoj Singh, former Transnet and Eskom CFO, received overseas trips funded by McKinsey, which secured multi-billion rand contracts from state-owned entities.

July 23, 2018: Eskom confirms receiving interest from McKinsey

On July 23, 2018, Eskom confirmed it received R99.5M in interest from McKinsey. The interest payment covers the two years since McKinsey was paid almost R 1bn in 2016.

October 2018: Report on McKinsey's Identification of Saudi Dissidents on Twitter

In October 2018, The New York Times reported that McKinsey had identified prominent Saudi dissidents on Twitter, leading to repression by the Saudi government. McKinsey stated they were horrified by the possibility that the report could have been misused and launched an investigation.

December 2018: Scrutiny over retreat in China near Uyghur prisons

In December 2018, McKinsey's business and policy support for authoritarian regimes came under scrutiny due to a company retreat in China held adjacent to prisons where thousands of Uyghurs were being detained.

December 2018: Report on vital client for McKinsey in Saudi Arabia

In December 2018, The New York Times reported that the kingdom is a vital client for McKinsey and the firm participated in a major Saudi investment conference in October 2018 after the killing of a Washington Post columnist by Saudi agents.

2018: McKinsey collected at least $400 million consulting pharmaceutical companies

During 2018, McKinsey collected at least $400 million consulting pharmaceutical companies.

2018: High Volume of Job Applications

In 2018, McKinsey & Company received 800,000 applications for 8,000 jobs.

2018: Association with Saudi Arabia and China Scandals

In 2018, McKinsey & Company was closely associated with scandals in Saudi Arabia and China.

2018: Carbon Emissions Data of McKinsey's Clients

In 2018, McKinsey's 43 clients were responsible for more than a third of the world's carbon emissions, according to The New York Times, highlighting concerns raised in a 2021 letter from McKinsey employees.

February 12, 2019: European Parliament motion denouncing McKinsey's involvement with Saudi Arabia

On February 12, 2019, the European Parliament Greens/EFA group presented a motion denouncing McKinsey & Company's involvement in representing Saudi Arabia and handling its public image.

February 2019: NY Times reports on potential conflicts of interest with McKinsey's hedge fund

In February 2019, The New York Times ran a series of articles about McKinsey and the in-house hedge fund it operates, McKinsey Investment Office (MIO Partners), claiming potential conflicts of interest between the fund's investments and the firm's advisory services.

October 2019: US Treasury Imposes Financial Sanctions on Gupta Brothers and Associate

On October 11, 2019, the United States Treasury Department announced financial sanctions under the United States Magnitsky Act on the Gupta brothers (Ajay, Atul, and Rajesh) and their business associate Salim Essa.

November 2019: The Economist Reports on McKinsey's Scandals and Growth

In November 2019, The Economist reported that McKinsey's scandals, including the 2016 South Africa scandal and allegations related to the McKinsey Investment Office (MIO), are relatively recent. The article noted that McKinsey's rapid growth to 30,000 employees and an increase of 2,200 partners since 2009 may be linked to the legal challenges faced by its new global managing partner, Kevin Sneader.

2019: McKinsey collected at least $400 million consulting pharmaceutical companies

During 2019, McKinsey collected at least $400 million consulting pharmaceutical companies. McKinsey's consultation grew Endo into a leading generics manufacturer.

2019: Consulting Work During Coronavirus Pandemic

During the 2019 coronavirus pandemic, McKinsey consulted for multiple cities, states and government organizations.

2019: Association with ICE, Internal Conflict of Interest, and Purdue Pharma Scandals

In 2019, McKinsey & Company was closely associated with scandals involving ICE, an internal conflict of interest, and Purdue Pharma.

2019: McKinsey paid the Justice Department $15 million to settle allegations relating to failure to disclose potential conflict in bankruptcy cases

In 2019, McKinsey paid the Justice Department $15 million from fees earned to settle allegations relating to failure to disclose potential conflict in three bankruptcy cases that the firm had advised.

2019: McKinsey projected opioid overdoses among CVS customers

In 2019, McKinsey projected that over 2,400 CVS customers would have an overdose or become reliant on opioids and estimated a rebate amount per event for Purdue Pharma.

2019: Reports on McKinsey's Work with ICE

In 2019, The New York Times and ProPublica reported on documents showing that McKinsey proposed cuts in spending on food and medical care for migrants as part of its work with ICE, and also advocated for an acceleration of the deportation process.

February 2020: McKinsey Promotes "Intellect and Elite Credentials"

In February 2020, Daniel Markovits argued in The Atlantic that McKinsey promotes "intellect and elite credentials" and "Meritocrats" over "directly relevant experience".

2020: Launched the McKinsey Institute for Black Economic Mobility

In 2020, McKinsey launched the McKinsey Institute for Black Economic Mobility to fund research focused on advancing inclusive growth and racial equity globally.

2020: McKinsey Blames Former Partner for Corruption Scandal Involvement

In 2020, McKinsey representatives testified to the Zondo Commission of Inquiry into State Capture, placing blame for the firm's involvement in the corruption scandal on former McKinsey partner, Vikas Sagar.

2020: Paine Schwartz hires McKinsey as consultants for Prima Wawona

In late 2020, Paine Schwartz hired McKinsey as consultants, without board approval, to make massive changes in Prima Wawona's operations.

February 2021: McKinsey paid $600 million to settle investigations into its role in promoting sales of OxyContin

In February 2021, McKinsey paid $600 million to settle investigations into its role in promoting sales of OxyContin and fueling the opioid epidemic.

February 2021: McKinsey reaches settlement in opioid investigations

In February 2021, McKinsey reached agreements with attorneys general in 49 states, five U.S. territories, and the District of Columbia, agreeing to pay nearly $600 million to settle investigations into its role in promoting sales of OxyContin. McKinsey has since apologized for its advice to opioid makers.

March 2021: Investigative Reporting Identifies McKinsey Consulting Expenses

In March 2021, investigative reporting identified McKinsey consulting expenses of at least $84 million between March 2021 and November 2022.

December 2021: McKinsey's Connection to DJI Manufacturing Facility Reported

In December 2021, NBC News reported on McKinsey's connection to a manufacturing facility owned by DJI, a drone maker sanctioned for alleged complicity in aiding the persecution of Uyghurs in China.

2021: McKinsey Agrees to Repay Fees to Transnet

During 2021, McKinsey & Co. agreed to repay R 870 million (US$63M) in fees to South African state logistics company Transnet SOC Ltd., seeking to distance itself from contracts linked to corruption allegations.

2021: MIO Partners fined by SEC for conflict of interest

In 2021, MIO Partners, an affiliate of McKinsey & Co., was fined $18 million by the SEC for conflict of interest. The SEC claimed that MIO Partners had advanced knowledge of upcoming mergers, bankruptcy, and financial results announcements for companies that the firm was consulting.

2021: Investment Banking Advisory Unit Discontinued & Acquisitions

In 2021, McKinsey discontinued its investment banking advisory unit, citing "personnel matters" as the reason. In 2021, McKinsey's Australian office made two acquisitions, Hypothesis, a digital product development company, and Venturetec, an innovation consulting firm.

2021: Internal forecasting on client emissions

In 2021, McKinsey internal forecasting found that emissions from their clients would lead to 3 to 5 degrees of warming, that their client portfolio included "more than half of the world’s worst polluters" and that their work on sustainability projects was "being used to launder the Firm's reputation".

2021: McKinsey Employees Call Out Firm for Working with Polluting Companies

In 2021, over 1,100 McKinsey employees signed a letter criticizing the firm for working with 43 of the 100 most polluting companies. Several employees resigned from the firm following the letter.

January 2022: Lawsuit against McKinsey revived

In January 2022, the Second U.S. Circuit Court of Appeals in Manhattan revived a lawsuit against McKinsey & Co. filed by Jay Alix, accusing the consulting firm of concealing potential conflicts.

April 2022: McKinsey's Global Energy Perspective Predicts Peak Fossil Fuel Use

In April 2022, McKinsey's "Global Energy Perspective" report predicted that fossil fuel use would peak between 2023 and 2025 and account for 43% of energy consumption in 2050. The report also stated that emissions would peak before 2030.

April 2022: McKinsey and Other Companies Announce Carbon Dioxide Removal Commitment

In April 2022, McKinsey, Alphabet Inc., Shopify, Meta Platforms, and Stripe, Inc. announced a $925 million advance market commitment of carbon dioxide removal (CDR) from companies that are developing CDR technology over the next 9 years.

April 2022: Report of conflict of interest with government and pharmaceutical clients

In April 2022, the New York Times reported that McKinsey frequently allowed partners and other consultants to work for both government clients, such as the FDA, and pharmaceutical clients, such as Purdue, violating internal ethical guidelines.

April 2022: Zondo Commission Recommends Criminal Investigation of Eskom Executives

In April 2022, the Zondo Commission recommended that key Eskom executives face criminal investigation for improperly awarding consulting contracts to McKinsey & Company.

June 1, 2022: Acquisition of Caserta

On June 1, 2022, McKinsey announced that it had acquired Caserta, a data engineering firm.

September 2022: McKinsey South Africa and Vikas Sagar Criminally Charged

On Friday, September 30, 2022, South Africa's National Prosecuting Authority announced criminal charges against McKinsey South Africa and former McKinsey partner Vikas Sagar for fraud, corruption, and theft related to a contract advising Transnet on buying new locomotives.

October 2022: Probe Widened into McKinsey's Taxes and Campaign Consulting

In October 2022, the probe into McKinsey was widened from an initial focus on McKinsey's taxes to include alleged underreporting of campaign consulting costs and allegations of favoritism.

November 2022: Investigative Reporting Identifies McKinsey Consulting Expenses

In November 2022, investigative reporting identified McKinsey consulting expenses of at least $84 million between March 2021 and November 2022.

December 2022: Raids on Renaissance Party Headquarters and McKinsey's Paris Office

In December 2022, the French National Financial Prosecutor's Office (PNF) raided the headquarters of President Emmanuel Macron's Renaissance party and McKinsey's Paris office. The raids were related to probes into false election campaign accounting, possible favouritism, and conspiracy.

2022: Publication of "CEO Excellence"

In 2022, McKinsey senior partners Carolyn Dewar, Scott Keller, and Vikram Malhotra authored the book "CEO Excellence", which was published by Scribner.

2022: Publication of "When McKinsey Comes to Town"

In 2022, Michael Forsythe and Walt Bogdanich published the book "When McKinsey Comes to Town" about the controversially unethical work history of the company.

January 10, 2023: Canadian Opposition Parties Call for Parliamentary Inquiry into Federal Contracts Awarded to McKinsey

On January 10, 2023, Canadian opposition parties called for a parliamentary inquiry into federal contracts awarded to McKinsey and are demanding full disclosure of all contracts, conversations, records, and communications between the government and the company since the government took office.

January 2023: Report on McKinsey's Consulting for Russian State-Owned Enterprises

According to January 2023 reporting from Die Zeit, McKinsey consultants provided consulting services to Gazprom and Rostec while in Germany on behalf of the German Federal Ministry of Defence.

January 2023: CBC News Reveals Spending on McKinsey Consulting by Trudeau Government

In January 2023, an investigative report by CBC News revealed that Justin Trudeau's government had spent at least $117.4 million on McKinsey consulting since coming to power, compared to $2.2 million spent by the prior government.

March 2023: Layoff of Employees

In March 2023, McKinsey announced a layoff of 1,400 employees, in a rare job cut of the company.

March 2023: Treasury Board Announces Audits on McKinsey Contracts

On March 23, 2023, the Treasury Board announced that audits had determined that departments did not consistently follow certain administrative rules and procedures related to contracts with McKinsey, but there was broad compliance with values and ethics commitments.

July 2023: Lawsuit alleges Paine Schwartz used Prima Wawona for financial gain for McKinsey

In July 2023, former Prima Wawona CEO Dan Gerawan filed a lawsuit alleging that the investment firm Paine Schwartz used Prima Wawona to create financial gain for McKinsey.

July 2023: McKinsey Affair Case Still Pending

In July 2023, the case regarding the 'McKinsey Affair' was still pending.

October 2023: Prima Wawona files for bankruptcy

In October 2023, Prima Wawona filed for bankruptcy, with McKinsey being the company's largest creditor, owed $8 million.

December 2023: McKinsey agrees to pay additional $78 million in opioid settlement

In December 2023, Reuters reported that McKinsey had agreed to pay an additional $78 million to settle claims with health insurers related to its consulting work for drug companies, which was said to have fueled an epidemic of opioid addiction. McKinsey "admitted to no wrongdoing".

2023: McKinsey Accused of Pushing Oil and Gas Clients' Interests at COP28

In 2023, an AFP investigation revealed that McKinsey was using its position as primary advisor to COP28 hosts, the United Arab Emirates, to push the interests of its oil and gas clients (ExxonMobil and Aramco).

2023: Civil Society Groups Protest McKinsey's Influence on Africa Climate Summit

In 2023, over 400 civil society groups signed a letter to Kenyan President William Ruto, accusing McKinsey of influencing the 2023 Africa Climate Summit and promoting controversial carbon market schemes.

2023: Fossil fuel use predicted to peak

McKinsey predicted that fossil fuel use will peak between 2023 and 2025.

January 2024: Prima Wawona announces liquidation and layoffs

In January 2024, Prima Wawona announced that it would liquidate, lay off all 5,400 employees, and sell off more than 13,000 acres of farmland.

February 2024: McKinsey Questioned on Disclosure Rules Violation

In February 2024, McKinsey was questioned in court about possible violations of federal disclosure rules for their work with Saudi Arabia's Public Investment Fund.

September 2024: McKinsey report updates fossil fuel consumption predictions

In September 2024, a McKinsey report revised its forecast, stating that fossil fuel consumption is expected to plateau between 2025 and 2035, remaining a major energy source. The report cited geopolitical challenges and rising electricity demand as factors complicating the energy transition.

October 2024: US Lawmakers call for investigation into McKinsey

In October 2024, several US lawmakers called on the United States Department of Justice to investigate whether McKinsey misrepresented its work with Chinese government entities, including state-owned enterprises.

October 18, 2024: US House Report on McKinsey's Work for Chinese Military

On October 18, 2024, the US House of Representatives Select Committee on the CCP reported that "McKinsey Equipped America's Foremost Adversary and Misrepresented Work for the Chinese Military Under Oath".

December 2024: McKinsey settles US Justice Department probe for $650 million

In December 2024, McKinsey settled a criminal investigation by the US Justice Department into its role in advising opioid manufacturers for $650 million, with conditions that it cannot market controlled substances for five years. The agreement was filed in federal court in Abingdon, Virginia.

2024: McKinsey to pay criminal penalty for violations of the Foreign Corrupt Practices Act

In 2024, McKinsey was ordered to pay a $122 million criminal penalty to settle an investigation by the Justice Department and South Africa's National Prosecuting Authority for violations of the Foreign Corrupt Practices Act (FCPA); 50% of the penalty will be paid to South Africa.

January 2025: Rachel Riley Joins Department of Government Efficiency

In January 2025, McKinsey consultant Rachel Riley joined the Department of Government Efficiency (DOGE), headed by Elon Musk.

2025: Made in China 2025 Policy

In 2015, McKinsey's think tank, the Urban China Initiative, advised the Chinese government on its 13th five-year plan and its Made in China 2025 policy.

2025: Fossil fuel consumption is expected to plateau

McKinsey predicted that fossil fuel consumption is expected to plateau between 2025 and 2035, and they will continue to play a major role accounting for 40%-60% of energy supply by 2050.

2030: Emissions predicted to peak

McKinsey predicted that emissions will peak in all scenarios before 2030.

2035: Fossil fuel consumption is expected to plateau

McKinsey predicted that fossil fuel consumption is expected to plateau between 2025 and 2035, and emissions will peak in 2025-2035.

2050: COP28 McKinsey's energy scenario

In 2023, An "energy transition narrative" by McKinsey for the COP28 presidency recommends oil use to be reduced by only 50% by 2050, and that trillions of dollars should continue to be invested in high-emission assets each year to at least 2050.