Major U.S. bank contracts interim CFO from The Alta Group for their leasing division

SITUATION

A major bank makes a strategic decision to discontinue lease origination. As a result, it lays off leasing origination staff and leadership departs given the pending shut down of operations. The bank intends to sell the leasing portfolio but is unsuccessful in their objective. The bank now requires a leader to operate the leasing platform.

SOLUTION

The Alta Group provided a senior consultant to act as Chief Financial Officer for ongoing portfolio management activities. We enabled the bank to continue its operating rigor regarding payment billing and collection and tax collection and remittance. The acting CFO was on call for due diligence review by acquisition candidates and supported the stable operation as a going concern. Upon operation stabilization, the acting CFO continued to work in both remote and onsite capacities in order to reduce travel and out of pocket living expenses for the client. The ongoing support ensured compliance with the regulatory statues of the Office on Comptroller of the Currency (OCC) and Federal Reserve. During the acting CFO’s role, they recommended and implemented operational improvements.