Lunchtime Links: US banks commanded to resist the compulsion to remove risk staff
If you want to keep your job over the next 12 months, it is advisable to move swiftly into risk at the earliest possible opportunity. Even though moves are being made to achieve a new and more appropriate equilibrium between front office staff and front office revenues, risk staff must not be bludgeoned back into obscurity no matter how bad things get.
So say Federal Reserve Officials. The Financial Times says they're warning US banks to protect risk-management and controls staff from imminent redundancies and that although such things haven't happened yet, they're "vigilant" just in case they do.
European banks may be less constrained when it comes to making risk, compliance and control redundancies. Notably, however, Hector Sants warned against such things in September 2008. Risk professionals enjoy powerful protection.
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