The Telegraph reports that Boris has commissioned the Mckinsey management consultancy firm to “carry out a…review of London’s status as one of the world’s leading financial centres”. McKinsey, one of the world’s most respected consultancy firms, with an estimated annual revenue of $4.37 billion, will work with a panel of prominent senior City figures, including Andrew Moss, chief executive of Aviva, Manny Roman, of the hedge fund, GLG Partners, and John Varley, chief executive of Barclays.
In 2005, when Mckinsey produced a study for Tony Blair, a ‘senior official’ told the Financial Times that the firm “doesn’t have the greatest of reputations among civil servants. They come and state the bleeding obvious using Powerpoint“. It was then revealed that the MoD had handed McKinsey £40 million worth of contracts between 2001 and 2005.
The public profile of McKinsey grew when the firm conducted a review of New York for Michael Bloomberg. This review, according to the Mayor, showed that “the chilling fact is that if we do nothing, within 10 years, while we will remain a leading regional financial centre, we will no longer be the financial capital of the world.”
For London, however, McKinsey has been advised to be “more forward-looking and practical“.
(Edited for broader points of information.)
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“For London, however, McKinsey has been advised to be “more forward-looking and practical“.”
i never met anyone who wasnt forwad looking except certain flatfish who are generally upward looking though tasty. yum yum.
“The profile of McKinsey grew, however, when the firm conducted a review of New York for Michael Bloomberg”
Just a small point: I don’t think that review would have much impact in terms of growing McKinsey’s profile. It has long been one of the famous and renowned consultancy firms in the world.
I’d meant public profile, but you’re quite right. The piece does not reflect the status and scope of an eighty year-old company, and it’s therefore been edited slightly.
My God. However has London managed for all these years without a team of clipboard-wielding brushed aluminium cybercocks telling it where it’s going wrong? Anybody know how much this fucking circus is costing?
William Hague used to work for McKinsey.
“Anybody know how much this fucking circus is costing?”
Dave Hill reported that it was being undertaken on a pro bono basis.
“William Hague used to work for McKinsey.”
Indeed. They have quite a glittering list of ex-employees:
http://en.wikipedia.org/wiki/List_of_McKinsey_%26_Company_people
I just heard Peter Hendy telling the GLA Budget & Performance Committee that he has no fondness for Management Consultants, either as a breed nor as an expense.