IndusInd Bank has asked headhunters to short-list over a dozen candidates for several mid to senior level roles, Mint reported citing people familiar with the matter. This comes after several executives resigned after the lender reported discrepancies in its derivatives portfolio.
These roles include Chief Financial Officer (CFO), leaders for retail and corporate loan verticals, and executives for the risk and internal audit functions, the report said, citing sources. IndusInd Bank has already rolled out job offers to several candidates, and the new hires will likely join from September given that most organisations have a 90-day notice period policy, the report further said.
Candidates asking for higher pay hikes after bank's crisisCandidates are asking for a minimum of 30 percent pay hike during negotiations, higher than the standard 20-25 percent, given the recent crisis which the bank faced, the newspaper cited a person familiar with the matter as saying.
Moneycontrol couldn't independently verify the report.
IndusInd Bank on April 29 had announced that its CEO and Managing Director Sumant Kathpalia has resigned from his role. "I undertake moral responsibility, given the various acts of commission/ omission that have been brought to my notice," Kathpalia said in his resignation letter. This comes after RBI granted only a one-year extension to Kathpalia's tenure as the bank's CEO, despite the lender asking for a three-year term.
The bank had sought RBI's approval to constitute a committee of executives to discharge the duties, roles and responsibilities of the Chief Executive Officer (CEO) of the Bank, for an interim period until a permanent CEO is appointed by the bank.
RBI later formally approved the establishment of a "Committee of Executives" to oversee operations during the leadership transition period. As per an exchange filing released by the bank, the newly formed committee will comprise two senior leaders — Soumitra Sen, who currently heads the Consumer Banking division, and Anil Rao, the bank's Chief Administrative Officer.
The bank has shortlisted three candidates - Rajiv Anand, Rahul Shukla, and Anup Saha - for the position of CEO, and has sent their names for RBI's approval, reports earlier said.
In March, IndusInd Bank had announced that there were certain accounting lapses in the derivative portfolio which could have a negative impact of 2.35 percent of the bank's net worth, as of December 2024.
IndusInd Bank shares were trading in the green with marginal gains at Rs 858 apiece, as seen at 12.40 pm on July 11.
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