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Barclays Africa and Standard Bank drop McKinsey

Staff Writer |
Barclays Africa and Standard Bank they would stop working with McKinsey.

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This is a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma.

Privately-held McKinsey, the world's largest management consultancy, has denied doing anything illegal but said this month that it was embarrassed by mistakes it made while working with South African state utility Eskom last year.

McKinsey said it regretted working on a 1.6 billion rand ($113 million) contract at Eskom alongside a company controlled by the Gupta family, wealthy friends of President Zuma who are accused of unduly influencing government contracts.

Zuma and the Guptas deny wrongdoing.

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