McKinsey will examine the Bank's working methods under the guidance of the Bank's new chief operating officer, Charlotte Hogg, herself a former employee of the high profile consultancy.
Accountants Deloitte will also conduct a value for money review of the Bank's support division, Central Services, which includes such functions as human resources and IT. "It is incumbent on the Bank, as servants of the British public, to ensure that we are as effective and efficient as we can be," said a Bank spokesman.
He added that the Bank has taken on an "expanded set of responsibilities" under its new governor and the McKinsey review would guide "strategic investment decisions, working methods, and allocation of time and resources."
McKinsey, which describes itself as a "network of leaders", boasts on its website that it helps its clients succeed by "harnessing trends and making tough trade-offs".
Canadian Carney was appointed by chancellor George Osborne to drag the Old Lady of Threadneedle Street into the 21st century. He took the helm in July.
An alumni of Wall Street giant Goldman Sachs, his "rock star" style is in stark contrast to that of his predecessor, Sir Mervyn King, whose background was in academia.
Carney wasted no time in making changes at the Bank, quelling a high-profile row about the lack of women on banknotes in his first week, bringing in new press advisers and, most notably, introducing "forward guidance" to signal the intended path of monetary policy.
McKinsey, headed by another Canadian, Dominic Barton, describes itself as "the trusted adviser to the world's leading businesses, governments, and institutions".
Barton was recently asked in an interview with Management Today if he knew Carney. Barton replied: "Yes! He's a great guy. A tri-sector athlete – public sector, private sector and government. He's fully rounded, gets into debate. A great signal that the UK gets talented people in from abroad."
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