Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

McKinsey called in to drive Westpac cost reduction

May 02
Share this story:
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.

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

50K€ to 80K€ + Bonus
Paris
Our client is a Paris-based consultancy set up by a team of experts in the Financial Services consulting field. Their clients include leading banks, insurance companies and FinTech
£55K-£75K
London
Pharma Consulting Role at Customer Experience Consultancy Our client is a London-based consultancy that use Customer Experience Management to help their clients in a variety of sectors to achieve
£50k-£100k plus bonus benefi...
London
Our client is a growing European consulting firm with an excellent pedigree. Their consultancy approach doesn’t just focus on making existing processes more efficient
£40k-£55k plus bonus benefit...
London
Our client is a leading global financial services business which is very well established in the UK. They are growing their procurement operation and are looking for a Consultant with good indirect
€90,000 plus bonus, benefits
Germany - Munich
Our  client is a growing specialist strategy consulting firm who are growing internationally and are looking to augment their team in Germany.  We have a requirement for a good German