Client Challenge
The client, a large multinational financial institution, embarked on a significant cost-reduction programme aimed at cutting operational expenses by £180 million (approximately 11% of its total cost base).
- The client had engaged in prior cost-cutting initiatives but had not achieved the desired long-term savings and process improvements
- There was a need for a streamlined, repeatable transformation process to govern future strategic initiatives
- The client sought an external partner to assist with the execution of their ongoing cost-reduction projects and to establish a long-term Transformation Office
What We Did
TORI established a central Transformation Office to manage the governance and oversight of ongoing cost-reduction projects. This office was designed to evolve into a permanent Change Office within the client’s organisation, ensuring the sustainability of the changes.
Built close, trusted relationships with senior executives to ensure alignment between cost-reduction efforts and overall business strategy.
TORI adopted a three-phase approach:
- Initiate the Transformation Office, delivering key milestones for Projects
- Expand the office’s responsibilities to cover broader transformation efforts, ensuring detailed planning and communication of the next wave of cost reduction
- Transfer control of the Transformation Office to the client, equipping them with the tools, processes, and skills to sustain the office independently
Outcome & Results
As a result of the engagement, the client obtained:
- Achieved £60 million in sustainable savings by 2024, with plans to reach £150 million in annualised savings by 2025
- Developed a roadmap to secure £180 million in run-rate savings by 2025
- Engaged with executive sponsors to ensure transformation initiatives remained customer-focused without disrupting business performance
- Established governance and controls to meet regulatory requirements
- Ran the Transformation PMO, maintaining clear oversight of key programme milestones, risks, and benefits
- Aligned consultants with functional teams to drive progress, secure funding, and ensure successful execution
- Created a framework for the client to take over the transformation programme, ensuring long-term sustainability
