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Commonwealth Bank appoints McKinsey and Company

16 June 2003

The Commonwealth Bank Chief Executive Officer, David Murray, today announced that the Bank had appointed McKinsey to help it undertake a group-wide exercise, focussing on customer service in line with the Bank’s strategic plan.

In providing an overview of the strategy to investors, media and analysts in May, the Bank focussed on the importance of customer service and identified impediments to this, which may arise from existing systems, processes and procedures. Mr Murray said, "What is required is nothing short of a major transformation of the Bank and its culture in the way we do our day to day work and serve customers".

Mr Murray also said that during the second half of calendar year 2003, the Bank would specify the timing, costs, returns and targets of the programs identified in the strategic plan. He added, that if a simplification of processes improves service then cost reductions may ensue, but no specific cost reduction targets have been set.

The Bank selected McKinsey because of their experience in dealing with major transformational change. Mr Murray added that McKinsey’s analysis and global experience would have benefits for the Bank by giving it confidence that its implementation plan is achievable.