TFS Gulf 
- BCG is now the largest MBB firm by “headcount” with 37,000 employees, first reported by James O’Dowd, CEO of Patrick Morgan.
- Growth is steady in the US (+5%) and Europe (+2%), but the real story is India…Greater Delhi office grew 14% in 2025!
- Growth driver? Tech consulting, particularly data science, digital transformation, and implementation-led delivery.
Who are BCG’s top competitors?
BCG now has the largest number of employees among the three top-tier consulting firms (McKinsey, BCG, Bain – collectively called MBB).
| Firm | Revenue | Employees |
| McKinsey & Company | $16 billion (2024) | Less than 37,000 |
| Boston Consulting Group (BCG) | $13.5 billion (2024) | 37,000 |
| Bain & Company | $6 billion (2023) | 19,000 |
| Oliver Wyman | $3.4 billion (2024) | 7,000 |
| Roland Berger | €1 billion (2023) | 3,500 |
McKinsey cuts 5000 jobs
Meanwhile, McKinsey & Company has reduced its global headcount by over 10%, resulting in 5,000 employees being let go in the past 18 months. (It employed over 45,000 people in late 2023.)
Cuts hit hardest at junior levels (down 25%) and back-office functions (down 13%).
As per James O’Dowd: regionally reductions include:
- US workforce down 13%
- Europe down 11%
- New York down 10%
- London down 12%
- San Francisco down 19%
- India’s headcount remained flat
You can blame it on AI…partially
McKinsey is investing heavily in AI by deploying 12,000 AI agents. What used to take 14 consultants? Now, needs just 2–3 people plus an AI agent.
Other notable AI tools include:
- Lilli, a McKinsey-trained GPT, is powered by over 100 years of the firm’s proprietary insights.
- McKinsey’s QuantumBlack Horizon Suite is transforming client industries.
AI-related revenue
Now 40% of McKinsey’s revenue comes from AI and tech advisory, contributing to its $16 billion estimated revenue in 2024.
Also read: Saudi’s $500Bn Megacity Project under review: McKinsey in spotlight
On the other hand, BCG…
BCG has introduced ChatGPT Enterprise to its 33,000 employees and created over 18,000 custom GPTs for internal tasks.
Key tools include:
- Deckster: A smart slide-making assistant trained on 800–900 templates. It includes a “review this” feature to grade slides against best practices. Around 40% of associates use Deckster weekly (Business Insider).
- GENE: A GPT-4–based conversational chatbot with an intentionally robotic voice that helps with brainstorming, podcasts, demos, and generating internal content. Business Insider
AI-related revenue
AI consulting is already a major revenue driver at BCG.
It accounted for 20% of BCG’s 2024 revenue, with projected growth to 40% by 2026, as per Financial Times.
Wrapping Up…
BCG’s headcount growth may be turning heads, but insiders are raising eyebrows.
Ex-MBB consultants say a headcount milestone isn’t impressive.
After all, MBB’s strength has always been niche and exclusive expertise, not sheer scale.
Also read: OpenAI launches consulting division…Making McKinsey, Accenture, Big 4s nervous
FAQs
Is BCG growing faster than McKinsey in India?
BCG’s aggressive hiring strategy in India, especially in tech, analytics, and AI-enabled consulting, has given it a headcount edge.
BCG now has over 37,000 people. McKinsey, on the other hand, has been more selective, focusing on restructuring and trimming less profitable roles globally.
Has McKinsey actually fired 5,000 people?
Yes. Over the past several months, McKinsey has been quietly reducing headcount, affecting consulting and support functions globally. The cuts are part of its restructuring plan to improve margins and adapt to AI-driven service delivery.
How much revenue did BCG achieve in 2024?
In 2024, BCG (Boston Consulting Group) achieved record revenue of approximately $13.5 billion, marking a 10% increase compared to its 2023 revenue of $12.3 billion.
(Source: LinkedIn James O’Dowd, CEO of Patrick Morgan)
