Money Talks: Managing the consultants
Economist Podcasts
The Economist
4.4 • 4.9K Ratings
🗓️ 5 October 2022
⏱️ 36 minutes
🧾️ Download transcript
Summary
The image of management consultants has taken a pounding in recent years, giving the industry a reputation for unscrupulousness on par with investment bankers. And a recent difficulties and controversies at the three most prestigious firms - McKinsey, Bain and Boston Consulting Group (BCG), known collectively as MBB - hasn’t exactly helped the perception that they serve mostly to bamboozle CEOs while collecting fat fees. Can the industry be reformed?
On this week’s episode, hosts Mike Bird, Alice Fulwood and Soumaya Keynes are joined by our global business correspondent Thomas Lee Devlin to find out more about the booming business for advice, and the problems that bedevilling the industrry. They also speak with New York Times journalists Michael Forsythe and Walt Bogdanich about their newly-published book, “When McKinsey Comes to Town”, looking at failures at the most prestigious consultancy, McKinsey - failures that McKinsey says misrepresent its business.
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Transcript
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| 0:33.5 | This economist podcast is sponsored by UK Export Finance, a government department. |
| 0:38.4 | Did you know last year UKF issued more than £7.4 billion worth of finance and insurance |
| 0:44.0 | with £3.6 billion on sustainable projects. The finance provided by UKF in 2021-22 |
| 0:50.7 | helped British businesses during the pandemic and supported export as facing challenges with global |
| 0:55.9 | supply chains to get the exporters edge search UK Export Finance or call all 850-538-511. |
| 1:12.2 | Chances are you've heard of the big three consulting firms known as MBB McKinsey, |
| 1:19.2 | Boston Consulting Group and Bain. And chances are if you've heard of them recently, |
| 1:24.6 | it hasn't been positive. Bain has come under fire. |
| 1:28.6 | Bain South Africa has withdrawn its membership from business leadership South Africa |
| 1:32.9 | and apologized for inflicting damage on the South African-Riven News services. |
| 1:37.1 | BCG has been criticized for its ties to Muhammad bin Salman. |
| 1:41.1 | And also advising controversial politicians in Angola. |
| 1:45.4 | This article focuses on the role of US firms in helping her build and park that fortune abroad, |
| 1:52.3 | including a renowned firms like the Boston Consulting Group. |
| 1:55.6 | And McKinsey, well, it's probably received the worst headlines of all recently. |
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