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Financial Times – New Banking Regulations Drive Compliance Demand
A shortage of senior compliance executives within banking and asset management is driving salary increases as firms respond to new regulations in the wake of the global financial crisis, reports the Financial Times. The talent shortage is likely to continue for several years as firms implement the new rules. “It is not unusual for top compliance people to have increased their total pay by 50 or 100 percent since the start of the crisis,” Albert Laverge, leader of Egon Zehnder’s global Wholesale Banking team, told the publication. New regulations include the global Basel III bank capital and liquidity reforms, the Alternative Investment Fund Managers Directive that places additional reporting requirements on asset management firms, and the Packaged Retail Investment Products regulation regarding any packaged products sold to retail investors.
Full Story: David Oakley, Vanessa Kortekaas and Daniel Schäfer: Salaries surge for scarce compliance staff, in Financial Times (27 October 2013).