There is definitely a potential for further layoffs.
Already at the moment, there is a large number of consultants on the beach. A former client of mine reached out recently and told me that in his MBB there are more than 1,000 juniors on the bench…
I heard stories from McK Europe in 2008/09 where people were let go after a couple of months on the beach + higher ranks in the company were not promoted (=counseled to leave).
What I am currently seeing across my network are three things:
1. Hiring stop or significant slowdown
2. Harder to get through the resume screening (related to 1)
3. A lot of people on the beach