Case Studies
A London based Private Bank : Operations Review
Client contact: Chief Executive
Parkwell staff: 2 consultants
Objectives and project background
The bank considered that their operations team had not been reviewed for many years and felt that it was likely there were significant efficiencies and savings that could be achieved. Parkwell reviewed both the bank’s head office and their substantial Guernsey based subsidiary.
The bank had a fairly traditional product offering, concentrating on banking and investment services for private clients, but were considering moving to more complex products such as derivatives. They were unclear what impact this might have on the Operations team.
Project details
Parkwell reviewed all key areas of Operations in London and Guernsey. The following key recommendations were made:
- Remove duplication of processing between London and Guernsey. In some cases it became clear that teams in the two locations were undertaking similar functions. We recommended that functional teams were located in a single location and should aim to become experts in the particular area.
- Made significant changes to the organisation structure and identified numerous areas were headcount savings could be made due to more streamlined processes
- Recommended considering a new general ledger system which would enable a more efficient accounting and reporting process.
Project conclusion
The project provided the bank with the necessary recommendations to both make savings in their operations team and to increase levels of expertise to give a greater level of support. This meant the bank was much more advantageously positioned to move into new product areas.