Compliance hiring up in otherwise flat market

Uncertainty dominates the recruitment market across investment banking, but the compliance market is relatively buoyant, according to the latest market outlook by recruitment firm, Alexander Mann Global Markets (AMGM).

Although the bulge-bracket banks in particular are hiring in compliance, new jobs continue to require senior management sign off, says the report. It is taking longer to complete a search, and institutions are prone to redefining the search in its concluding stages.

Flavour of the month in compliance is research, where recent events in the US have led to banks in the UK taking a closer look at just how effective their Chinese Walls are, according to AMGM.

Central compliance functions are also looking for individuals who can offer a broad range of experience, such as anti-money laundering, registrations, account opening and cross-border issues.

In risk, there has been a small but clear rise in the demand for quants, partly fuelled by the rise in interest for structured equity/credit hybrid derivatives from banks corporate clients. There is still considerable demand for skilled people in the area of credit modelling and exposure management says AMGM.

Elsewhere in the financial services sector the outlook continues to be quite flat. Fixed income is no longer the saviour of the banks due to the market slowdown, and the previously safe areas of debt have started to make redundancies.