Leading cost transformation in global banking

Problem statement

Declining income, regulatory headwinds and fintech competition had driven down profitability. The bank needed a credible plan to rationalise an oversized cost base and deliver US$5bn of recurring savings. Visibility of indirect spend was fragmented, ownership was dispersed and local teams operated to different priorities. The challenge was to create one fact base, align decision makers across regions and functions, and convert opportunity into bankable, investor credible savings.

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Approach

Acting as Engagement Manager, we led a four-person team to target non people indirect categories. We rebuilt the spend baseline, set a challenge process, and drove prioritisation for market-based procurement teams. A tight governance rhythm linked initiatives to finance and SLT sign off. Outputs were consolidated into a group narrative, with benefits tracking, risk management and delivery playbooks to keep momentum across global locations and time zones.

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Results

Leadership buy-in was secured early and maintained through transparent reporting. Within six months the programme delivered substantial, multimillion US dollar recurring Profit and Loss (P&L) savings, validated by finance. Cost discipline improved, returns strengthened and the bank was better positioned to reallocate capital to higher return businesses. The engagement was recognised internally as the best strategy project, reflecting measurable savings, improved cost visibility and a repeatable model for ongoing efficiency.