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My favorite McKinsey story: Back in 2005 UBS (big Swiss Bank) brought McKinsey in to figure out how to expand more rapidly in the US. The consultants suggested,
by anonu 7y ago
My favorite McKinsey story: Back in 2005 UBS (big Swiss Bank) brought McKinsey in to figure out how to expand more rapidly in the US. The consultants suggested, "Hey, you have almost no sub-prime exposure. Everyone's trading this stuff! You gotta go in, and in a big way! It will certainly be a pillar of your US strategy."
So UBS did... The result was one of the most severe debt writeoffs of the Great Financial Crisis.
- jankyxenon 7y agoIs the point that McKinsey didn't know the Great Recession was coming / it's causes ahead of time?
- anonu 7y agoThe point is that they suggested a strategy that other big banks were already doing. There was no creativity in their suggestion in this regard.