McKinsey will run the strategic review, looking at how resources are allocated across the Bank. Deloitte will look at value for money across the Bank of England.
It comes after the Bank gained responsibility for financial stability and was joined with the Prudential Regulation Authority, and aims to make sure each part of the group gains sufficient attention.
McKinsey is thought to have won the bidding process in part because of its past experience of such arrangements.
It ran strategic reviews for RBS when now ex-boss Stephen Hester took over, for the government when it took control of Northern Rock, and helped Sir Win Bischoff report on the future of London as a financial centre.
Deloitte is expected to focus on work which is replicated unnecessarily across the institution now it has increased and merged with part of the now defunct Financial Services Authority.
New chief operating officer Charlotte Hogg is thought to be behind the move to ensure the Bank is run efficiently.