BCG and McKinsey a combined $106 million. $55 million in 2023, $51 million in 2024. When you include EY, KPMG, and the other consultants that keep the bank alive the spend is close to $125 million per year.
I have evidence since worked in sourcing and category management. Key word, worked. Makes me sad too, I love the people I worked with.
Consultants are needed to creat the illusion of progress. Leadership hires consultants to keep stakeholders happy while they use the company as their personal atm.
The id--ts we had to work with from BCG had absolutely no clue. What a waste of money.
Bill went to U of Alabama, that's like a NYC High School education. He needs the help
The cost benefit analysis is always in favor of BCG. SunTruist gets all the cost while BCG gets all the benefits.
Consultants are basically people you pay to tell you what time it is while they look at your watch.
More incompetence
Consultants are needed because the executives don't know how to run the bank and trust consultants - with questionable experience - over employees who could solve problems at a fraction of the cost.
Part of the problem is regulators like hearing about the use of consultants despite the mess they make.
Out of a group of 10 consultants, maybe one has half a clue, and the rest are just there to rack up billable hours.
Seems low to me
@dh+1jt74vpv0, Most likely so "Passing the Buck" can continue. If truth were a standard, many "managers" and "leaders" wouldn't have a job for long. I am amazed at how some of the people that are there actually are, it's surreal.
Why ppl use these companies is beyond me….they are terrible.
Yup. This is 100% accurate. What’s even better is that the BCG spend went directly to plan layoffs- pay 8 figures to a consultant to chop jobs…
Lol wut…