This is the absolute typical layoff story we're seeing at the moment - 2018- 28k employees, 2023 - 47k, layoffs? 1,400. That's crazy! Either structurally we've seen a massive movement of employment into these sectors, or these companies have grown way less efficient, and given the ZIRP I'm very worried it's primarily the latter. What changed in the last decade that meant McKinsey needed to double in size? Not much would be my guess.