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Newly Merged Money Center Bank
Global Asset Management and Private Bank
Executive Vice President
Trust Services, Investment Services, Client Management
The merger of two Global Banks required the integration of the respective Investment & Private Banking divisions. Significant differences in client focus, sales programs, systems and operations existed at the time of the merger. The "Street" committed savings from the merger strategy required the integration of the Investment & Private Banking Divisions to reduce direct expenses by $80 million.
Twelve months into the merger there was no progress on the integration. As a result LoBue Group was engaged to resolve issues and achieve the committed integration goals.
All Investment & Private Bank processes and operations were redesigned and a new management system was established. Client segmentation resolved differences in Product vs Client sales processes and improved Product Management results. Best practices were implemented across the organization and best of available systems in use were chosen and redundant systems eliminated. The field sales network was redesigned, eliminating redundant facilities and personnel. At the conclusion of the 16 month program a direct cost savings in excess of $110 Million was achieved.
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