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Peter Thiel Calls Consulting Industry a Modern Scam

1/1/2026

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Summary

Story summary

Peter Thiel says the consulting industry has become a scam, in a recent interview.
He notes the 1980s usefulness of consultants for navigating mergers and layoffs.
McKinsey & Company and Deloitte were essential for integrating cultures and improving efficiencies.
By the early 1990s, their value diminished as corporations streamlined operations, while the firms nonetheless grew larger and more profitable.

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Story summary

Peter Thiel says the consulting industry has become a scam, in a recent interview.
He notes the 1980s usefulness of consultants for navigating mergers and layoffs.
McKinsey & Company and Deloitte were essential for integrating cultures and improving efficiencies.
By the early 1990s, their value diminished as corporations streamlined operations, while the firms nonetheless grew larger and more profitable.