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Rise in financial services hiring as bankers grow wary of prison sentences

Statistics from Venn Group’s latest employment trends report found that there has been a 17% increase in recruitment of regulatory professionals over the past quarter while hiring of operational specialists fell by 11%. The majority of this hiring has been focused on regulatory, compliance and risk positions as banks look to secure themselves against any undue risk.

Jodie Finn, associate director at Venn Group, comments:

“There has been a significant upturn in the fortunes of many firms in the industry as the latest CBI/PwC report highlights. However, this hasn’t necessarily been reflected in hiring across the board. Operational roles have contracted while there has been a remarkable increase in the number of available compliance, regulatory and risk positions. Businesses are now paying the price for their recklessness before the global recession and many senior officials are now at risk of facing prison sentences if they make similar mistakes in the future. Consequently, financial firms have recruited specialists who can install safeguarding processes in order to avoid any potential added risk. We expect legislation and compliance hiring to remain strong as it’s likely that financial authorities will continue to add safeguards to avoid a repeat of the global recession. We’ve already seen two directors from HSBC resign over the increased criminal responsibility and it wouldn’t be surprising to see this across more businesses in the near future.”

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