A large French bank wanted to overhaul its corporate-banking activities. After calling in McKinsey to help formulate a global strategy, the bank asked us to detail all the implications of the new action plan and to help adapt the organization.
The consulting team, collaborating closely with client team members, set to work on supporting a deep transformation of the bank’s structures, mechanisms, and procedures, with a strong focus on the mobilization and engagement of its staff.
Two major objectives were set:
- Elicit the staff’s agreement on the soundness and relevance of the new strategy, and, together, define the broad outlines of an appropriate new organization.
- Adhere to the agreed-upon principles, while showing great flexibility in response to on-site constraints, and maintain a productive dialogue with all those involved: network manager, corporate-relations manager, and local functional (marketing, human resources, etc.) and operational managers.
The project was divided into three main phases over a 7-month period. The consultants’ immersion into the bank’s environment allowed us to help define the new organization to the smallest detail. Most important, it facilitated a dialogue that helped in persuading, rallying, and engaging the stakeholders. The team was comfortable that all the conditions for implementation were met, allowing it to prepare the migration plan with precision.
In essence, the McKinsey team worked as an intermediary between the group’s different members. We were the catalyst that allowed ideas to emerge, and then assisted in their fine-tuning and tailoring. Further, our activities were concentrated over a relatively short period so as not to destabilize the organization.