IndusInd in hiring rush for top deck in life after crisis

IndusInd Bank has mandated headhunters to shortlist over a dozen candidates for mid- to senior-level roles, three people aware of the matter said, after the derivatives crisis triggered the exit of several top-level officials.

- Devina Sengupta & Shayan Ghosh

These include roles like the chief financial officer, leaders for retail and corporate loan verticals, and executives in the risk and internal audit functions. The hiring will serve a dual purpose -- Apart from filling open posts, some hires are meant to staff the second rung of executives, or those just below the chief executive.

On 10 March, the private sector lender acknowledged discrepancies in its derivatives portfolio in the October quarter, sparking a 27% crash in its shares the next day. The incorrect accounting of derivative trades led to a ₹1,959-crore hole in its books. The bank has now seemingly gained the confidence of the regulator, with Reserve Bank of India governor Sanjay Malhotra recently noting that on the whole, "the bank is doing well".