A Free For All In Mexican BankingGeri Smith
Last year, the officers at Bancomer decided the mammoth Mexican bank had grown too bloated. Even with more than 35,000 employees, service at its 900 branches nationwide was lousy and past-due loans had tripled to 9% of its total portfolio. The bank went on a crash diet, trimming the workforce by around 20%. It signed strategic alliances with Canadian and U.S. banks to improve credit analysis and branch operation. Today, customers wait an average of just eight minutes in line, bad loans are down to 8.2%, and operating costs have fallen 3.2% from last year.
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