Keeping a global bank in line with European banking regulations

The client

Our client is one of the world's leading financial institutions, serving individuals, businesses of all sizes and governments with a full range of banking, investment management and other financial and risk management products and services.

The challenge

A European Central Bank (ECB) asset quality review and Fundamental Review of the Trading Book (FRTB) remediation exam identified weaknesses in the bank’s internal models, methodologies and valuation processes, applying to London and Paris.

So the bank could pass the examination next year, the ECB requested that more specialists be added to both the Paris and London locations. Otherwise, the bank was likely to incur a hefty fine and be unable to trade in the European region long term. Paris was the priority as it was intended as a key strategic location for the European entity, and it was essential for the Paris hires to be based in the city and not working remotely from the UK.

The client had recruited through Eames finance for 10 years. The MD of valuation control reached out in December 2024 to Chirag Raichura, associate director for corporate functions at Eames Consulting, asking for help with multiple hires to satisfy the ECB’s requirements.

The direct applicants they’d received to the Paris roles, mainly local candidates, had no experience of working in an American bank, which was an important requirement from a cultural perspective. They also didn’t have the right balance of technical knowledge, stakeholder management skills and seniority required.

The solution

Agreeing to explore the local market first to avoid relocation costs if possible, we produced a market map of all suitable candidates in Paris to show the client the limited pool they were working with.

To discover suitable candidates, Chirag conducted initial local market mapping via LinkedIn and identified local valuation control candidates from his network who had moved from London to Paris in the last five years. He then extended the search to London-based candidates who would consider moving to Paris, relying on his existing network, headhunting and referrals. This approach ensured the client got the best talent available on the market rather than the best candidate who happened to apply directly.

We set up 30-minute screening calls with interested candidates and then moved to a three-stage formal interview process for those who satisfied the screening requirements. The aim was to make offers to successful candidates by the end of January.

Chirag conducted a face-to-face meeting with all London-based candidates to ensure their full commitment to moving to Paris and understand their motivations for doing so, before submitting his shortlist to the client.

The result

“As a result of our hiring solution, the threat of potential fines from the ECB has been eased, the London team has a reduced workload and the London MD can focus on leading their own region. At the same time, the European CFO in Paris has sufficient resource in place, easing the pressure on his role and allowing him to focus on strategic objectives.” Chirag Raichura, Associate Director, Eames Consulting

The existing model meant the London operation covered Paris too, which presented a challenging workload for the team and considerable pressure on the hiring manager. ECB queries went to the European CFO in Paris, who would pass these on to junior and generalist members of the team who often didn’t have the answers themselves, and would revert to the London team for an answer. The ECB therefore insisted that they wanted a specialist in Paris who could answer their questions quickly.

When the preferred candidate rejected the offer after his wife had a change of heart about moving to Paris, Chirag quickly adapted to provide the client with two more options three days later – one in Paris and one in London, both through referrals. The London candidate, a French expat, accepted the role

The future

“I had an excellent experience working with Chirag. From the very beginning he was professional, attentive, and truly invested in understanding both my skills and career goals. His clear communication, industry knowledge, and proactive support made the entire process smooth and stress-free. Thanks to his dedication, I felt confident at every step, and I believe his approach evidences high standards and values.” Valuation Control Specialist

Following this initial placement, we’ve hired another valuation control specialist in Paris and three in London as of August 2025. Two of the London-based placements were referred by the first successful Paris candidate. More headcount is anticipated for the client for Q4 2025/Q1 2026 sign off, and we’re excited to continue supporting their needs to ensure they remain in line with European banking regulations.

If you’re looking for a new opportunity or to hire the right talent for your team, please contact Chirag Raichura at chirag.raichura@eamesconsulting.com.