Leading Companies to Optimization & Profitability via Managed Projects

Financial Services

Wells Fargo Bank

Wells Fargo acquired First Interstate Bank in 1996.  During the acquisition time period or “due diligence period”, Wells Fargo identified that the Centralized Bank Balancing procedures and bank account balances of First Interstate Bank we non-existent and out-of-balance, respectively.  Centralized clearinghouse accounts were out-of-balance and no procedures existed for how to “balance the bank.”  There was no real way for FIB to articulate to Wells Fargo or the due diligence team, exactly what the Centralized Bank Balancing procedures were or what the balances in the accounts should be.  The bank was out-of-balance and no way of reconciling or proving the numbers accurately.

Approach

FIB engaged us to process map the Centralized Bank Balancing business unit processes, document the steps required to balance each of 27 key Centralized accounts, draft formal procedures for balancing accounts, review the procedures with staff and management, and produce a list of balances that needed full reconciliation. 

Results

We worked diligently and closely with the Centralized Bank Balancing unit and Bank Officers over a five (5) month period to formally draft the process map and procedures for how to balance the bank.  We also conducted financial analysis tasks to produce an account listing that consisted of accounts and dollar values for review and reconciliation by FIB management.  We subsequently facilitated the reconciliation over a 10-day period and brought all accounts in line with bank expectations, including formal write-offs of account balances.