McKinsey & Company and Deloitte advise British central bank

Bank of England (BOE) has hired McKinsey & Company and Deloitte to review the central bank's strategy and operations.

Both companies were chosen following a competitive tender, beating more than 10 other renowned consulting firms. The assessments are due to be completed in the first quarter of next year.

In a press release, the Bank of England announced that McKinsey & Company will work on a strategic plan, examining the central bank's priorities for the coming years. The review by the strategy consulting firm will guide “strategic investment decisions, working methods, and allocation of time and resources”, said a spokesman of the bank.

McKinsey will report to BOE Chief Operating Officer Charlotte Hogg, the central bank's most senior female employee and a former McKinsey employee*.

Deloitte will conduct an assessment of the bank's operations, focusing on finding potential operational improvements in back-office business areas including finance, IT and HR.

The appointment comes within months after BOE's former Finance Director Warwick Jones acknowledged that in particular the bank's IT costs are spiralling out of control. 

In its press statement, the Bank of England stated that the institution aims to operate “as effective and efficient as possible” and that Deloitte will lead the “identification and implementation of efficiencies.”

* Charlotte Hogg started her career at UK's central bank before joining McKinsey in 1994 in its Washington office. She re-joined BOE earlier this year from Banco Santander.