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 

$150k-$400k US dollar packages
China and Asia
Our client is a supply chain advisory business which has expanded rapidly in Asia. They have opportunities for Manager and Principal Level candidates.  General Expectations: • Lead the client
£120k plus 20% bonus, plus £...
Central London and UK
Our client inspires healthy habits for real life. They meet ther members where they are and leverage the latest nutritional and behavioral science to help them eat healthier, move more
£60k-£80k plus bonus, benefi...
Central London and UK
Our client has a strong record of working with C-level leaders in major private and public sector organisations, directly addressing their greatest strategic challenges
£30k-£70k plus bonus, benefi...
Opportunities in London, Bristol, Manc...
  Resume - William Ng Are you looking for an opportunity to work at the cutting edge of public service reform?  Our client are seeking a highly-professional
£28K - £45K base + bonus, be...
Central London
My client is an award winning London based Technology & Media - Research & Strategy Boutique Consulting Firm.  They are looking for a Business Analyst with consulting