BOI on radical cost-cutting drive
DUBLIN, IRELAND – Bank of Ireland (BOI) has embarked on a radical cost-cutting drive, within its legal department, in a move that will see it launch a review of its external advisers and cut its in-house department by 20%.
The banking giant will hold a review of its panel firms over the next three months in a bid to significantly reduce its costs. The initiative will see the bank install a series of panels to handle legal and regulatory work, as well as finalising a roster of firms that will then tender for specific pieces of top end work.
As part of the change, BOI's procurement arm will take part in the adviser review process. It will also track the performance of firms as well as taking responsibility for bill
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