Rapid senior banking appointment helps leading bank fulfil its regulatory obligations

The client 

Our client is a leading global diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. Operating in over 40 countries and employing over 83,500 people, our client moves, lends, invests and protects money for customers and clients worldwide. 

The challenge 

The Prudential Regulation Authority (PRA) advised the client to upskill and add seniority to their regulatory policy team to avoid a regulatory fine in the next 12 months. Ideally, they requested this would be an external hire to bring in a fresh pair of eyes, rather than an internal resource. 

Chirag Raichura, associate director for corporate functions at Eames Consulting, was at the time representing a prudential regulatory policy director who he’d worked with for over 12 years. Having recently taken voluntary redundancy from a regulatory trade association, the candidate was working with Chirag exclusively to put together a shortlist of target organisations he would consider working with. 

Our client was one of the organisations on the shortlist, so Chirag approached the MD of prudential regulatory policy, who the candidate was aware of through his work with his previous employer. This was particularly good timing for the client, and the hiring manager felt our candidate would be an ideal fit. 

Although they were keen on the candidate, the client did not yet have approval to hire the position and the candidate was in the final stages of a recruitment process with another organisation. 

The solution 

“Given it’s a notoriously slow process to gain approval for senior level roles in banks, and the client needed some time to get through the approvals process, time was really against us. But by utilising our existing relationships both with the candidate and the client, we were able to fast-track the recruitment process to fill the role within three weeks of engagement.” Chirag Raichura, Associate Director, Eames Consulting 

We fast-tracked the candidate’s first interview within two working days of Chirag’s initial contact. The hiring manager gained verbal approval of the role from his UK controller the following week, so the formal approval process began. During this time the candidate received an offer from the other organisation and was being asked to make a decision. We therefore fast-tracked two further interviews so we could move forward to the offer stage. 

The candidate agreed to a deadline by which he would need written confirmation of the offer to avoid losing out on the other opportunity. The offer came through before this deadline and the candidate accepted the role with our client. 

Working in partnership with the candidate using our respective market knowledge, we only targeted organisations that would be both a good technical and cultural fit. We also leveraged the fact that our client was already aware of his ability, technical knowledge and team fit, and would move fast to get approval so they didn’t miss out on him. 

The result 

The offer was made within three weeks and the candidate started within six weeks of our initial conversation with the client. By securing a top level prudential regulatory policy director who was a minimal risk, the client also avoided any potential regulatory fines as the candidate was able to start immediately. 

The new hire was able to lighten the workload on the existing London team and relieve the regulatory pressures that were mounting, including easing the threat of potential fines from the PRA. As a technical subject matter expert, the candidate has also been instrumental in upskilling junior team members. 

The future 

“Chirag is my go-to recruiter in the industry. As well as his breadth of contacts, he has a good feel for the market and how developments in the industry are likely to affect demand in the short and medium term. Most importantly for me, he has always employed a strategy that seeks to get the best opportunities for me and doesn't just try to push the roles on his desk like many of his peers.” Prudential regulatory policy director 

Continuing our productive long-term relationship with the client, we have since filled two more roles with them. With new headcount recently being approved within the same team, we look forward to continuing to support them. 

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.