Overhaul bank in recession, impressing head of finance
I believe the answer is:
refit
'overhaul' is the definition.
(I've seen this before)
'bank in recession impressing head of finance' is the wordplay.
'bank' becomes 'tier' (both can mean a row of similar things).
'in recession' says the letters should be written backwards.
'impressing' is an insertion indicator (impress historically meant to conscript).
'head of' indicates taking the first letters.
The initial letter of 'finance' is 'f'.
'tier' in reverse letter order is 'reit'.
'reit' placed around 'f' is 'REFIT'.
(Other definitions for refit that I've seen before include "prepare for employment again" , "garage work?" , "Replace equipment in (a ship, etc.)" , "Process of improving equipment" , "restoration of ship" .)