This Fortune 500 Financial Services Institution acquired a $26 billion dollar competitor, with a commitment to achieve expense synergies of $2 billion and an additional $2 billion in new revenue opportunities by year three. Achieving these targets required significant, high impact integration work. The parent company established an Integration Management Office (IMO) to provide the structure and processes for the project work, track progress, and create accountability.
The newly combined organization lacked the internal expertise and bandwidth to tackle the massive work effort, particularly as the day-to-day business was also growing at unprecedented rates. This surge in work effort was also expected to diminish following the three-year integration window.
To deliver this engagement, our Eliassen Group consultants first worked closely with the IMO to identify key resource gaps in the Project and Program Management ranks as well as other organizational gaps and roles that arose as internal employees were assigned to the Integration Office. We identified experts to assume all of these key roles. Over time we provided close to 40 project managers, analysts, change management experts, plus subject matter experts by function to round out a high functioning IMO team and other organizational gaps. As a result, the IMO team was able to meet the challenging deadlines and deliverables of the three-year deadline and our work in this arena led to other critical projects within this client.