The private banking division of a major US Bank was confronted with extraordinarily high direct and allocated infrastructure costs for its Asia/Pacific operations. There was a lack of coordination between the geographically dispersed operations resulting in inefficient processing and multiple reviews inhibiting production. There appeared to be a misalignment between investment in the various areas and their growth potential. In addition, the bank was projecting a dramatic drop in revenue for the next fiscal year.
LoBues audit revealed a lack of coordinated effort among the different sales units, poor delineation of functions between sales support and operations, overstaffing, over-controlled processes with double and triple reviews, oversized foreign exchange trading infrastructure, and a lack of MIS, particularly in the investment business.
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