McKinsey & Company

Some of the key events about McKinsey & Company

• 1926

  Founded as an accounting and engineering consultancy in Chicago
• 1935

  Introduced the concept of budgeting as a management tool
• 1935

  Advised Nazi Germany on economic policy
• 1956

  Established the first management consulting practice in Europe
• 1968

  Created the "War Room" concept for strategic decision-making
• 1973

  Developed the first modern asset management practice for institutional investors
• 1980

  Launched the McKinsey Global Institute for economic research
• 1989

  Involved in the Savings and Loan crisis, leading to significant financial losses
• 1990

  Introduced the Net Promoter Score, a widely used customer loyalty metric
• 2001

  Established the McKinsey Social Sector Office to serve non-profits and foundations
• 2001

  Implicated in the Enron scandal for providing advice that enabled fraudulent practices
• 2008

  Advised companies on how to avoid taxes through offshore strategies
• 2010

  Created the McKinsey Center for Government to improve public sector performance
• 2011

  Faced criticism for its role in the 2008 financial crisis
• 2014

  Paid $600 million to settle charges related to insider trading
• 2017

  Advised Purdue Pharma on how to "turbocharge" opioid sales
• 2018

  Launched McKinsey.org, a non-profit organization focused on sustainable development
• 2018

  Involved in a corruption scandal in South Africa
• 2019

  Advised U.S. Immigration and Customs Enforcement (ICE) on cost-cutting measures for detainee facilities
• 2021

  Agreed to pay nearly $600 million for its role in the opioid crisis

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