Achieving High Performance in Uncertain Times. Senior
banking executives face a vexing dilemma. In this
difficult economic environment, there is great urgency
to reduce costs and improve efficiency. But cutting
indiscriminately or too deeply may severely hamper the
ability to grow revenues when the economic outlook
improves. In Accenture's view, arbitrary cost
reduction—based on rationales of "sharing the pain
equally across the organization" — is no longer
sufficient, and risks cutting muscle as well as fat.
Instead, financial institutions need to take a more
strategic approach by viewing cost-cutting as part of a
broader efficiency effort. Balancing short-term tactical
cost reductions with longer-term strategic cost
initiatives will leave banks much better positioned for
future high performance. pdf
