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McKinsey called in to drive Westpac cost reduction

May 02
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McKinsey called in to drive Westpac cost reduction

by Jamie Anderson

Australian banking giant Westpac is aiming to make $90 million (£55.4 million) savings and has enlisted the help of management consultancy firm McKinsey.

The company will work with the country's first bank to advise it on the best ways of making cost-efficient decisions in the management hierarchy of the firm as well as outsourcing and information technology.

Westpac announced in February that it was to cut 560 positions due to the downgrade of credit growth and the increase in the price of funding costs and this latest move is designed to help the bank prosper in the future.

A spokesman for the company declined to comment on how much McKinsey would be paid but told the Australian: "We have made significant progress with this. We work with a number of consultants, including McKinsey, on a range of projects."

Westpac is part of the "big four" banks in the southern hemisphere country and last month aimed to expand its presence in the small-to-medium business lending market to help boost revenues.

This article was brought to you by Mindbench, the award winning management consultant recruitment provider.

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