Challenge
A large European bank suffered significantly during the 2008 financial crisis, relying on state guarantees to keep them up and running. As a result they had significant restructuring requirements including balance sheet reductions, withdrawal from some business segments and locations, complete resource restructuring, and reduction of administrative cost by more than €600 million.
Focused plan and key actions
We used lean management to transform the organisation, reduce workload, realise the targeted cost reduction, and make organisational improvements. To ensure the changes were sustainable, we started building lean capabilities in two pilot departments, followed by gradual rollout across the organisation. We set up a train-the-trainer program to establish a community of internal lean experts or “navigators”. This led to higher levels of employee engagement which was a key factor to the success of the programme.
Seeing it through
By taking a Fit for Growth approach, our client was able to reposition as a bank for local and regional entrepreneurs; cut costs, keep employees engaged and ready the new bank for growth. Another vital outcome for the bank was that the 24% increase in productivity not only worked for the business but also for its customers illustrated by an increase in client satisfaction.
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