The National Australia Bank (NAB) has hired management consulting firm Boston Consulting Group to review its cost base. According to the Australian newspaper the bank was forced to hire the strategy consulting firm as it went through a steep drop in profits in the second half of 2012.
Both NAB and BCG neither confirmed nor denied the involvement of the consulting firm.
Both companies have over the past years frequently worked together. Last year NAB asked BCG to review the performance of its British banks, including the Scottish bank Clydesdale Bank. This led to a significant restructure of the UK units, dozens of branch closures and the loss of almost 1.400 jobs.