Role:

The New York branch of a European bank needed a divisional CFO. Reporting to the GM, this individual would direct the firm’s accounting practices including A/R, A/P, preparation of fiscal records, budgeting, maintenance of strong internal controls, as well as audit and tax planning. The role also required U.S. and Canadian branch accounting responsibility with oversight of a staff of sixteen via four direct reports. The successful candidate would be a proven leader with ten years of financial operations experience as a CFO or controller, preferably from within an international bank. Qualifications included CPA certification and experience with International Financial Reporting Standards, (IFRS) and exposure to US GAAP reporting and analysis.

Industry: Corporate administration

Client:

This highly-rated European bank is a subsidiary of a group specializing in public finance and financial services for local governments.  It operates in the United States, Canada and Latin America through its New York agency.  The main activities of the New York branch are public finance, structured finance and the treasury and financial market sectors.  This firm is a market leader in providing financing to the local public sector.  As of 2005, it had over $53 billion in commitments and $204 million in net banking income.

Challenge

• The company had set very aggressive goals and therefore needed a self-starter with IFRS skills to manage their department and take on a strong leadership role.
• As the position would be heavily involved with the bank’s New York branch, it was essential to get the right person on board quickly. At the same time, the fit was critical, as the regional CFO would need to be a cultural match within this global institution.

Sextant’s Approach

• Using a consultative approach, we worked with the client to develop a profile outlining both hard and soft skills necessary to fulfill the position's responsibilities.
• We then employed direct and targeted recruiting from all of the firm’s competitors at the CFO and controller levels as the best method of identifying the most qualified executives for the position.

Sextant’s Solution

• After screening and evaluating approximately twenty candidates, the search team developed a short list of qualified individuals. Responding to the client’s sense of urgency, Sextant identified, recruited and presented the ideal candidate within 60 days of the search’s inception.
• The successful candidate was recruited from within the industry, with deep connections and over twenty years of hands-on experience. 
• The new hire’s outstanding interpersonal skills have already made a positive impact on the firm, causing the client to entrust Sextant with additional hires.

Role:

A leading global investment bank with a strong and profitable private client franchise business sought a head of their Independent Control Office (“ICO”), the unit that defines and identifies gaps in the firm’s control structure.  Reporting to the head of Regional Oversight and Strategy, the successful candidate would be tasked to improve the bank's governance infrastructure in the Americas, support the Regional Governance Board (“RGB”), and ensure vigilance regarding emerging bank regulatory matters.  While this role remained independent from other business functions, the success of the placed candidate would be contingent upon an ability to develop close working relationships with the firm’s leadership and control executives.  

Industry:  Investment banking
 
Client:

Backed by a network of over 73 countries, this bank is a leading provider of financial services to agencies, corporations, governments, private individuals and institutions around the globe.  Having first established a presence in the Americas in the nineteenth century, the bank began independent operations in the U.S. in 1978, opening its first North American branch in New York City.  Today, the bank has over 11,000 employees in the region and 5 core businesses: global markets, global banking, private business clients, asset management and private wealth management.

Challenge:

• The prospect needed knowledge of commercial and investment banking as well as exposure to trading, if not direct front office experience.  In addition, a substantive comprehension of relevant bank regulations was required.  Locating an executive with a proven track record of influencing and collaborating within a complex organizational group via an internal control office was a significant challenge.
• The successful new hire needed a demonstrated track record in developing staff.   An ability to build trust throughout the firm was a key factor, as the group had not historically been exposed to much change within the management structure.

Sextant's Approach:

• Knowing that the successful candidate must be politically savvy and diplomatic, we opened up the search to a diverse range of candidates to find the right cultural match.  Prospects were screened from within commercial investment banks, rating agencies and regulatory institutions.  
• Fresh ideas were brought to the client sessions as we interviewed professionals with expertise from less obvious sources of talent who were worthy of evaluation.
• Sextant targeted candidates who exhibited proven track records in influencing senior leaders of complex businesses.

Sextant's Solution:

A global sector head for risk and control at a global commercial bank fit the client’s qualifications and an offer was extended.  Simultaneously, this candidate received an offer to become a chief operating officer from a former colleague at another global competitor.  This candidate then served as an ideal source, leading us to the final executive through a personal referral.  

A key point person on BASEL II, the MD we identified embodied the core competencies of compliance, risk management, policy development as well as counterparty and structured credit risk.  In addition, this professional had built a highly motivated team, and had previously served as the firm’s liaison for financial regulation to a newly formed global regulatory body.

Within the first month of the hire, Sextant received positive feedback on the successful candidate's performance and has continued to work closely with the new hire on operational issues within the Internal Control Office to cultivate higher performance paradigms.