Full History Of McKinsey & Company In Timeline From 1922

1922: James O. McKinsey introduced budget planning concept

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: The General Survey Outline (GSO) methodology was established based on ideas introduced in the 1924 book Business Administration.

In 1931, McKinsey created a methodology for analyzing a company called the General Survey Outline (GSO), which was established based on ideas introduced in the 1924 book Business Administration.

1926: Firm founded as James O. McKinsey & Company

In 1926, James O. McKinsey, a professor of accounting at the University of Chicago, founded James O. McKinsey & Company in Chicago. The firm initially offered advice on using accounting principles as a management tool.

1926: Founded by James O. McKinsey

In 1926, McKinsey & Company was founded by James O. McKinsey. It is an American multinational strategy and management consulting firm.

1929: AT Kearney hired as a partner

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

1931: McKinsey created the General Survey Outline methodology

In 1931, McKinsey created a methodology for analyzing a company called the General Survey Outline (GSO), which was established based on ideas introduced in the 1924 book Business Administration.

1932: Second Office Opened in New York City

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

1933: Marvin Bower hired as a 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 and McKinsey merged with accounting firm Scovell, Wellington & Company, creating McKinsey, Wellington & Co.

1935: McKinsey started consulting corporations on employee relations

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

1937: James O. McKinsey Died

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

1937: Bower Establishes Firm Values and Principles

In 1937, Marvin Bower established McKinsey's values and principles, including putting client interests first, maintaining confidentiality, providing honest advice, and performing necessary work that McKinsey could do well.

1939: Division of McKinsey, Wellington & Company

In 1939, McKinsey, Wellington & Company was divided, with the accounting practice returning to Scovell, Wellington & Company and the management engineering practice splitting into McKinsey & Company and McKinsey, Kearney & Company.

1946: Rights to the McKinsey name purchased

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: "Up or out" policy established

In 1951, McKinsey established the "up or out" policy, which meant that consultants not being promoted within the firm were asked to leave.

1951: Profit-sharing, executive and planning committees formed

In 1951, McKinsey's profit-sharing, executive and planning committees were formed, and the company had 88 staff. McKinsey's client base expanded especially among governments, defense contractors, blue-chip companies and military organizations in the post–World War II era.

1953: Hiring of recent graduates

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

1953: McKinsey created a report for Dwight D. Eisenhower

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

1955: Foundation for Management Research

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

1956: Restructuring as a private corporation

In 1956, McKinsey & Company was legally restructured from a partnership into a private corporation. Shares of the corporation were then owned by its partners, while still mimicking the structure of a partnership.

1956: McKinsey Became a Private Corporation

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

1957: S&P 500 list

Creative Destruction stated that out of the first S&P 500 list from 1957, only 74 were still in business by 1998.

1958: McKinsey helped organize NASA

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

1959: Guy Crockett Stepped Down

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

1960: Publication record

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

1964: The McKinsey Quarterly

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

1966: McKinsey Expands to Six Offices

By 1966, McKinsey had six offices in major US cities and six abroad, including 37 staff in London.

1967: Bower Stepped Down, Revenues Declined

After Bower stepped down in 1967, the firm's revenues declined.

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 & Company led a 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 new rules for scientific management.

1975: Introduction of "overhead value analysis"

In 1975, McKinsey's John L. Neuman introduced the business practice of "overhead value analysis" that 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 and helped shift the firm away from its generalist approach.

1977: McKinsey size benchmark

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

1980: Publication record

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

1982: "In Search of Excellence" published

In 1982, McKinsey's book, In Search of Excellence, was published. It identified eight characteristics of successful businesses, based on an analysis of 43 top-performing companies. It marked the start of 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 In Search of Excellence no longer met the criteria only two years later.

1987: Knowledge Management Efforts Began

In 1987, Ron Daniel began McKinsey's knowledge management efforts.

1988: New Offices Opened

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

1988: Fred Gluck became managing director

In 1988, Fred Gluck became McKinsey's managing director.

1989: Attempt to acquire talent in IT services

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

1990: McKinsey Global Institute founded

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

1990: "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: Fortune magazine profile

A Fortune magazine profile on November 1, 1993, described McKinsey & Company as the "most well-known, most secretive, most high-priced, most prestigious, most consistently successful, most envied, most trusted, most disliked management consulting firm on earth". The article also mentioned a culture clash that occurred in the early 1990s.

1993: ICG Staff Members Left

By 1993, 151 out of the 254 ICG staff members left due to a culture clash.

1993: Number of directors

By 2009, McKinsey consisted of 400 directors, up from 151 in 1993.

1994: End of Fred Gluck's tenure

Fred Gluck's tenure as managing director ended in 1994.

1994: Rajat Gupta became managing director

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

1996: Publication record

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

September 1997: Internal culture

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

1997: Recruiting and "up-or-out" policy

According to a 1997 article in The Observer, McKinsey recruited recent graduates and instilled a strong loyalty to the firm, then culled through them with its "up-or-out" policy.

1997: McKinsey grew eightfold over its size in 1977

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

1997: Business Technology Office

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

1997: "The War for Talent"

In 1997, a McKinsey article and a book published in 2001 on "The War for Talent" prompted academics and the business community to focus more on talent management. The authors found that the best-performing companies were "obsessed" with acquiring and managing the best talent.

1998: S&P 500 list

Creative Destruction stated that out of the first S&P 500 list from 1957, only 74 were still in business by 1998.

1998: E-commerce projects

In 1998 McKinsey performed more than 1,000 e-commerce projects helping internet startups.

1999: Consultant roles described in "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. The findings were typically presented to senior management in a PowerPoint presentation and a booklet.

1999: Recruiting

By 1999, McKinsey recruits had advanced degrees in science, medicine, engineering or law.

1999: Knowledge Management Budget

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

1999: "The McKinsey Way"

In 1999, Ethan Rasiel's book, The McKinsey Way, described the culture at McKinsey's, whereby members were not supposed to "sell" their services.

1999: McKinsey hired by Sinochem

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

October 1, 2000: New York Times Article on Compulsory Mini-Courses

On October 1, 2000, an article in the New York Times described the compulsory mini-courses that McKinsey offered their new recruits.

2000: AT&T 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.

May 2001: Criticism of "War on Talent"

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

2001: Enron Scandal

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

2001: "Creative Destruction" published

In 2001, McKinsey consultants published Creative Destruction, which suggested 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.

2001: McKinsey associated with the collapse of Enron.

The firm has been associated with a number of notable scandals, including the collapse of Enron in 2001, the 2008 financial crisis, and facilitating state capture in South Africa.

July 2002: BusinessWeek article on McKinsey's role in Enron scandal

In July 2002, a BusinessWeek article by John Byrne discussed McKinsey's role as a key architect of Enron's strategies, which helped position the energy giant as a corporate innovator. The article questioned whether McKinsey ignored warning signs to maintain an important account, and noted a change in McKinsey's culture due to rapid growth, potentially leading to a decline in values and focus.

2002: BusinessWeek article questions McKinsey's role in bankruptcies

A 2002 article in BusinessWeek questioned whether McKinsey was responsible or had a lapse in judgement regarding bankruptcies of clients like Swissair, Kmart, and Global Crossing in the 1990s.

2002: Investment in Knowledge Management

By 2002, McKinsey had invested a $35.8 million budget on knowledge management.

2002: BusinessWeek article suggests that McKinsey had ignored warning signs about Enron

In 2002 a BusinessWeek article suggested that McKinsey had ignored warning signs regarding the Enron scandal.

2003: Ian Davis elected managing director

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

2004: Revenues Generated Outside the U.S.

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

2004: McKinsey's work with opioid makers begins

From 2004 to 2019, McKinsey worked for Purdue Pharma and other opioid makers.

2005: Low public 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 "hours are long, expectations high and failure not acceptable".

February 2007: First marginal abatement cost (MAC) 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 contributed to the financial crisis by promoting the securitization of mortgage assets and encouraging banks to increase debt, which increased risk.

2008: Company Started a Social Sector Office

In 2008, McKinsey started a Social Sector Office (SSO).

2008: McKinsey associated with the 2008 financial crisis.

The firm has been associated with a number of notable scandals, including the collapse of Enron in 2001, the 2008 financial crisis, and facilitating state capture in South Africa.

January 2009: Marginal abatement cost (MAC) curve updated

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

October 2009: "Button-down culture"

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

2009: Dominic Barton elected managing director

By 2009, McKinsey consisted of 400 directors, up from 151 in 1993. Dominic Barton was elected as managing director.

2009: Recruiting

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

2009: Galleon Scandal

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

2009: "The Alchemy of Growth" published

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

2009: McKinsey's growth compared to 2019

In 2009, McKinsey had fewer partners and employees compared to 2019. The Economist reported in November 2019 that McKinsey's legal challenges may be related to its rapid growth since 2009.

2009: Anil Kumar Left the Firm

In 2009, senior partner Anil Kumar left McKinsey after allegations.

January 2010: Anil Kumar Pleaded Guilty

In January 2010, senior partner Anil Kumar pleaded guilty after allegations in 2009.

2010: Report by Rainforest Foundation UK

In 2010, the Rainforest Foundation UK said McKinsey's cost curve methodology was misleading for policy decisions regarding the Reduced Emissions from Deforestation and Forest Degradation (REDD) program.

2010: "The Lords of Strategy"

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 change in corporate management to "four mavericks" including Fred Gluck at McKinsey & Company.

February 2011: Survey on Affordable Care Act (ACA)

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

June 2011: Survey results published

In June 2011, McKinsey published the results of its survey on the Affordable Care Act (ACA) in the McKinsey Quarterly. The results became a point of contention between supporters and 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.

2011: McKinsey advises on anti-violence strategy at Rikers Island

In 2011, McKinsey advised New York City's Rikers Island jail complex and tested an anti-violence strategy named "Restart" which occurred in Rikers housing units.

2011: McKinsey did nearly 600 projects for the kingdom from 2011 to 2016.

In December 2018, The New York Times reported that "the kingdom is a such a vital client for the firm—the source of nearly 600 projects from 2011 to 2016 alone—that McKinsey chose to participate in a major Saudi investment conference in October 2018 even after the killing and dismemberment of a Washington Post columnist by Saudi agents."

2011: McKinsey at Transnet

Information relating to allegedly corrupt practices by McKinsey at Transnet in 2011 and 2012 came to light in late July 2018.

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: McKinsey bribed government officials in South Africa

Between 2012 and 2016, McKinsey paid bribes to government officials in South Africa.

2012: Dominic Barton re-elected

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

2012: McKinsey at Transnet

Information relating to allegedly corrupt practices by McKinsey at Transnet in 2011 and 2012 came to light in late July 2018.

2013: Consulting services

According to the 2013 book, The Firm, McKinsey & Company provided management and strategy consulting, such as restructuring sales forces, developing business strategies, or advising on downsizing.

2013: Decentralized structure

By 2013, McKinsey was described as having a decentralized structure with offices operating independently. Individual consultants had autonomy and the company's budgeting was centralized. The firm had no traditional headquarters; the managing partner chose his or her home office.

2013: McKinsey's alleged payment for Anoj Singh's trips

In 2012 and 2013, a treasury report indicated that multinational advisory firm McKinsey paid for Anoj Singh to go on lavish international trips to Dubai, Russia, Germany and the UK, after which their contract with Transnet was massively extended.

2013: McKinsey helped facilitate a turnaround for Hoogovens

In 2013, McKinsey helped the Dutch government facilitate a turnaround for Hoogovens, the world's largest steel company as of 2013, through a $1 billion bankruptcy bailout.

2013: "The Firm: The Story of McKinsey and Its Secret Influence on American Business"

In his 2013 book, The Firm: The Story of McKinsey and Its Secret Influence on American Business, Duff McDonald described how McKinsey consultants were expected to become a part of the community and recruit clients from church, charitable foundations, board positions, and other community involvements. BusinessWeek summarized The Firm's description of McKinsey as a "fading empire, where hubris and changing times have diminished the firm's statures."

2014: New York City hires McKinsey to reduce prison assaults

Between 2014 and 2017, New York City paid McKinsey $27.5 million to reduce prison assaults in Rikers Island.

2014: Affordable Care Act (ACA)

In February 2011, McKinsey surveyed 1,300 US private-sector employers on their expected response to the Affordable Care Act (ACA) which went into effect in 2014.

2015: Dominic Barton re-elected

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

2015: Valeant Scandal

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

2015: McKinsey advised the Chinese government on its 13th 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: McKinsey's involvement with Valeant

In 2015, Valeant, a Canadian pharmaceutical company investigated by the SEC, was accused of improper accounting and predatory price hikes. The Financial Times noted McKinsey's extensive involvement, with three out of six senior executives being ex-McKinsey employees. MIO Partners was an investor in Valeant, and McKinsey consulted Valeant on drug prices and acquisitions.

2016: McKinsey bribed government officials in South Africa

Between 2012 and 2016, McKinsey paid bribes to government officials in South Africa.

2016: Dominic Barton's report on economic growth

In 2016, Dominic Barton presented his report of the Advisory Council on Economic Growth, which advocated for a steep increase in immigration to bring Canada's population to 100 million by 2100. According to sources, this report became a "foundational plan" for Canadian immigration policy.

2016: McKinsey's South Africa scandal

In 2016, McKinsey faced a scandal in South Africa, which, according to The Economist in November 2019, was one of the scandals that were relatively recent given the company's long history.

2016: McKinsey partner Navdeep Arora convicted of fraud

In 2016, McKinsey partner Navdeep Arora was convicted of illegally taking over $500,000 from State Farm over 8 years.

2016: Initial illegal payment to McKinsey.

In 2016, McKinsey was initially paid almost R 1bn, payments which South Africa's National Prosecuting Authority concluded in early 2018 were illegal, involving crimes such as fraud, theft, corruption and money laundering.

2016: Violence increases at Rikers Island

In 2016, it was discovered that McKinsey consultants and jail officials rigged the program by grouping compliant inmates into housing units, and that violent crimes including "slashings and stabbings" increased over 1000% from 2011 to 2016.

2016: McKinsey did nearly 600 projects for the kingdom from 2011 to 2016.

In December 2018, The New York Times reported that "the kingdom is a such a vital client for the firm—the source of nearly 600 projects from 2011 to 2016 alone—that McKinsey chose to participate in a major Saudi investment conference in October 2018 even after the killing and dismemberment of a Washington Post columnist by Saudi agents."

2017: New York City abandons McKinsey's recommendations

Between 2014 and 2017, New York City paid McKinsey $27.5 million to reduce prison assaults in Rikers Island, but the violence grew and the city abandoned many of the firm's recommendations. The consultancy's alleged failings included not soliciting the views of inmates or clinic staff and the use of ineffective data-analytics software.

2017: Consultants worked as unpaid volunteers on Macron's election campaigns

McKinsey consultants are alleged to have worked as unpaid volunteers on Macron's 2017 and 2022 election campaigns, which is a violation of 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. South African prosecutors confirmed that they would enforce the seizing of assets from McKinsey.

February 2018: Kevin Sneader Elected Managing Director

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

July 1, 2018: Kevin Sneader's term began

Kevin Sneader's three-year term as managing director began on July 1, 2018.

July 2018: McKinsey returns US$74M

In July 2018, it was confirmed McKinsey returned the R 1 billion (US$74M) it had been paid.

July 2018: Reports surface of McKinsey's alleged corrupt practices

In late July 2018, information regarding allegedly corrupt practices by McKinsey at Transnet in 2011 and 2012 came to light. The weekly Mail & Guardian newspaper reported Anoj Singh enjoyed overseas trips at the expense of McKinsey, which scored multi-billion rand contracts at the state owned entities.

July 23, 2018: Eskom receives interest payment from McKinsey

On July 23, 2018, Eskom confirmed it received R99.5M in interest from McKinsey.

October 2018: Report on McKinsey's involvement with Saudi dissidents

In October 2018, The New York Times reported that McKinsey had identified the most prominent Saudi dissidents on Twitter, and the Saudi government subsequently repressed the dissidents and their families.

December 2018: Scrutiny over McKinsey's business support for authoritarian regimes

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

December 2018: The New York Times reports that McKinsey chose to participate in a Saudi investment conference.

In December 2018, The New York Times reported that "the kingdom is a such a vital client for the firm—the source of nearly 600 projects from 2011 to 2016 alone—that McKinsey chose to participate in a major Saudi investment conference in October 2018 even after the killing and dismemberment of a Washington Post columnist by Saudi agents."

2018: Carbon emissions of McKinsey clients in 2018

According to The New York Times, in 2018, the 43 McKinsey clients that were among the 100 most polluting companies, were responsible for more than a third of the world's carbon emissions.

2018: McKinsey collected $400 million consulting pharmaceutical companies

During 2018 and 2019, McKinsey collected at least $400 million consulting pharmaceutical companies and advised Mallinckrodt and Endo International.

2018: Saudi Arabia and China Scandals

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

2018: Candidate statistics

In 2018, McKinsey had 800,000 candidates apply for 8,000 jobs.

February 12, 2019: European Parliament group denounces McKinsey's involvement with Saudi Arabia

On February 12, 2019, the European Parliament Greens/EFA group presented a motion for a resolution denouncing the involvement of foreign public relations companies, particularly McKinsey & Company, in representing Saudi Arabia.

February 2019: NY Times article on McKinsey's hedge fund

In February 2019, The New York Times published articles about McKinsey and its in-house hedge fund, McKinsey Investment Office (MIO Partners), claiming potential conflicts of interest between the fund's investments and the firm's consulting advice.

October 2019: US Treasury imposes sanctions on Gupta brothers

On 11 October 2019, the United States Treasury department announced that it had imposed wide-ranging financial sanctions on three Gupta brothers and their business associate Salim Essa under the United States Magnitsky Act.

November 2019: The Economist reports on McKinsey's scandals and growth

In November 2019, The Economist reported that McKinsey's scandals and conflict of interest allegations were relatively recent given its history. The article mentioned the rapid growth of the company, noting an increase in partners and employees since 2009.

2019: Consulting During Coronavirus Pandemic

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

2019: McKinsey's work with opioid makers ends

From 2004 to 2019, McKinsey worked for Purdue Pharma and other opioid makers.

2019: ICE, conflict of interest, and Purdue Pharma Scandals

In 2019, McKinsey & Company was associated with scandals involving ICE, an internal conflict of interest, and Purdue Pharma. By this time, major news outlets had raised concerns about McKinsey's business practices.

2019: McKinsey pays Justice Department $15 million to settle conflict allegations

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 overdose or become reliant on opioids and proposed rebates for pharmacies based on overdose numbers.

2019: Reports reveal McKinsey proposed cuts for migrants while working with ICE

In 2019, The New York Times and ProPublica reported on newly uncovered documents which showed that McKinsey, as part of its work with ICE, proposed cuts in spending on food and medical care for migrants.

February 2020: Daniel Markovits article in The Atlantic

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

2020: McKinsey Institute for Black Economic Mobility

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

2020: McKinsey blames former partner for corruption scandal

In 2020, McKinsey representatives, testifying before the Zondo Commission of Inquiry into State Capture, blamed former McKinsey partner Vikas Sagar for the firm's involvement in the corruption scandal.

2020: Paine Schwartz hired McKinsey as consultants

In late 2020, Paine Schwartz hired McKinsey as consultants for Prima Wawona.

February 2021: McKinsey settles opioid investigations for $600 million

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

March 2021: Start of period with significant McKinsey consulting expenses

Between March 2021 and November 2022, there were at least $84 million in McKinsey consulting expenses.

December 2021: Report on McKinsey's connection to DJI, a drone maker sanctioned by the United States

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

2021: MIO Partners fined by SEC for conflict of interest

In 2021, MIO Partners was fined $18 million by the SEC, which said some of the same people making investment decisions for MIO Partners were McKinsey employees who had visibility into confidential information for companies for which McKinsey was consulting.

2021: McKinsey agrees to repay fees to Transnet

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

2021: Investment Banking Advisory Unit Discontinued

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

2021: McKinsey employees call out firm for working with polluters

In 2021, over 1,100 McKinsey employees signed a letter criticizing the firm for working with major polluting companies.

2021: McKinsey's internal forecasting finds emissions from clients would lead to 3 to 5 degrees of warming

McKinsey's internal forecasting in 2021 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".

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 retired turnaround specialist Jay Alix, accusing the consulting firm of concealing potential conflicts when seeking permission from bankruptcy courts.

April 2022: Global Energy Perspective report predicts peak fossil fuel use

In April 2022, McKinsey & Company's report, "Global Energy Perspective," predicted that fossil fuel use would peak between 2023 and 2025, and by 2050, would account for 43% of energy consumption.

April 2022: McKinsey joins advance market commitment for carbon dioxide removal

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 on McKinsey's conflicts of interest

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

April 2022: Zondo Commission recommends investigation of Eskom executives

In April 2022, the Zondo Commission recommended that key Eskom executives be criminally investigated 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 charged with fraud, corruption, and theft

On Friday, September 30, 2022, South Africa's National Prosecuting Authority criminally charged both McKinsey South Africa and former McKinsey partner, Vikas Sagar, with fraud, corruption and theft related to a contract to advise Transnet on buying new locomotives.

October 2022: Probe widens to include underreporting of campaign costs

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

November 2022: End of period with significant McKinsey consulting expenses

Between March 2021 and November 2022, there were at least $84 million in McKinsey consulting expenses.

December 2022: French authorities raid 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 as part of a probe into false election campaign accounting, possible favouritism, and conspiracy.

2022: "CEO Excellence" published

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" about McKinsey's unethical work history

In 2022, Michael Forsythe and Walt Bogdanich, reporters for The New York Times, wrote a book entitled When McKinsey Comes to Town about the controversially unethical work history of the company.

January 10, 2023: Canadian opposition parties call for inquiry into McKinsey contracts

On January 10, 2023, Canadian opposition parties called for a parliamentary inquiry into federal contracts awarded to McKinsey, demanding the government disclose all records related to its dealings with the company.

January 2023: Report reveals Canadian government's spending on McKinsey consulting

A January 2023 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.

January 2023: Report on McKinsey's consulting services for Russian state-owned enterprises

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

March 2023: Layoff of 1,400 Employees

In March 2023, McKinsey announced a layoff of 1,400 employees.

March 2023: Treasury Board announces audits of McKinsey contracts

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

July 2023: Lawsuit alleges McKinsey involvement in Prima Wawona's financial issues

In July 2023, former Prima Wawona CEO Dan Gerawan filed a lawsuit alleging that Paine Schwartz used Prima Wawona to create financial gain for McKinsey and that many of the Paine Schwartz employees were former McKinsey employees.

July 2023: McKinsey case still pending

In July 2023, the McKinsey Affair case was still pending, with McKinsey facing possible charges for corruption and tax fraud.

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 $78 million to settle claims with health insurers

In December 2023, Reuters reported that McKinsey had agreed to pay an additional $78 million to settle claims with health insurers, stemming from McKinsey's consulting work that fueled the opioid addiction epidemic, though McKinsey "admitted to no wrongdoing".

2023: McKinsey accused of prioritizing oil and gas clients 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 interest of its oil and gas clients.

2023: Civil society groups protest McKinsey's influence on Africa Climate Summit

In 2023, more than 400 civil society groups signed a letter of protest to Kenyan President William Ruto, accusing McKinsey of influencing the 2023 Africa Climate Summit by pushing controversial carbon market schemes.

2023: Fossil fuel use will peak between 2023–2025

In April 2022, in the report "Global Energy Perspective" the company predicted that fossil fuels use will peak between 2023–2025 and in 2050 fossil fuels will account for 43% of energy consumption.

January 2024: Prima Wawona announces liquidation

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

February 2024: McKinsey questioned in court about possible disclosure violations

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

September 2024: Report says fossil fuel consumption expected to plateau between 2025 and 2035

In September 2024, a McKinsey & Company report indicated that fossil fuel consumption is expected to plateau between 2025 and 2035, continuing to account for 40%-60% of energy supply by 2050, with emissions peaking in 2025-2035.

October 2024: US lawmakers call for investigation into McKinsey's work with Chinese government entities

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 of Representatives Select Committee on the CCP reported that McKinsey misrepresented work for the 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 criminal investigation for $650 million

In December 2024, McKinsey settled a criminal investigation by the US Justice Department for $650 million. The investigation concerned McKinsey's role in advising opioid manufacturers on boosting sales, and the settlement included conditions that McKinsey cannot market controlled substances for five years. This agreement, filed in federal court in Abingdon, Virginia, aims to resolve criminal charges related to the marketing of addictive painkillers.

2024: McKinsey ordered to pay $122 million criminal penalty

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).

January 2025: McKinsey consultant Rachel Riley joins Department of Government Efficiency

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

2025: McKinsey advised the Chinese government on its 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 use will peak between 2023–2025

In April 2022, in the report "Global Energy Perspective" the company predicted that fossil fuels use will peak between 2023–2025 and in 2050 fossil fuels will account for 43% of energy consumption.

February 2026: McKinsey Hands Control of Assets to Neuberger Berman

In February 2026, McKinsey announced that it has handed control of $20bn in assets from its investment arm to Neuberger Berman.

2030: Emissions will peak in all scenarios before 2030.

According to McKinsey's "Global Energy Perspective" report published in April 2022, emissions will peak in all scenarios before 2030.

2035: Emissions will peak in 2025-2035.

In September 2024, a McKinsey & Company report indicated that fossil fuel consumption is expected to plateau between 2025 and 2035, continuing to account for 40%-60% of energy supply by 2050, with emissions peaking in 2025-2035.

2050: Fossil fuels to account for 43% of energy consumption.

In 2050 fossil fuels will account for 43% of energy consumption, according to McKinsey's "Global Energy Perspective" report published in April 2022. Emissions will peak in all scenarios before 2030.

2050: McKinsey's energy scenario for COP28

McKinsey's energy scenario for the COP28 presidency, revealed in 2023, would allow for continued investment in fossil fuels, recommending oil use to be reduced by only 50% by 2050, and trillions of dollars continue to be invested in high-emission assets each year to at least 2050.