Head of Treasury

The role

The society has grown its mortgage book by a third since 2022 and now funds roughly 18% of its balance sheet through wholesale markets. With the covered bond programme being reopened and a PRA liquidity review closing next spring, the board wants a treasurer who has run issuance and hedging at this scale before. The current head is retiring after fourteen years and will overlap with the new appointment for three months. You will report to the Chief Financial Officer and sit on the Assets and Liabilities Committee.

What you will do

• Lead a team of 11 across funding, liquidity management and the treasury middle office.
• Reopen the covered bond programme and manage relationships with arrangers, rating agencies and the Bank of England.
• Own the ILAAP and liquidity stress testing, and present both to ALCO and the Board Risk Committee.
• Manage interest rate risk across a fixed-rate mortgage book of around £19bn, including the swap hedging strategy.
• Replace the legacy treasury management system, with vendor selection due to complete by the second quarter.

What you will bring

• At least eight years in bank or building society treasury, with recent senior responsibility for funding or ALM.
• Direct experience of wholesale issuance, ideally covered bonds or RMBS.
• A working command of PRA liquidity and IRRBB requirements and how supervisors read them.
• The credibility to challenge the executive and explain balance sheet trade-offs plainly to non-specialist board members.
• A record of developing people. Two of the current team are ready for promotion.

The package

Base of £125,000 to £145,000 with a 20% target bonus, car allowance, a 12% defined contribution pension and private medical cover. Three days a week in the Manchester head office, with shortlist meetings in the week of 19 October.