Morning Coffee: Regulations Can Be a Drag on Hiring, But Not Here

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With new regulations and cap requirements soon to be implemented, big banks have been forced to tighten their purse strings, limiting operating expenses and, in turn, minimizing headcount. That is, of course, unless you work in compliance.

A London law firm has estimated that impending regulatory mandates will require banks to hire an additional 70,000 compliance officers in Europe alone, according to The Times. In the U.S., with Dodd Frank and other rules looming, the demand for qualified compliance and risk management personnel is sure to be similar.

In essence, Dodd Frank has become a de facto employment bill for compliance folks, but the trick is that you tend to need applicable experience in the field to get hired. So what do you do?

Stefan Hacker, a director at Maywater Limited, a compliance consultancy and recruitment firm, suggests making an internal move with your existing employer who knows your strengths and is willing to make the investment.

If you’re unemployed or finding it difficult to make an internal move, consider obtaining a compliance certificate or diploma offered by the International Compliance Association, Hacker says.

One problem for Wall Street: compliance jobs appear to come at the expense of other well-paying finance positions.

Beware Big Signing Bonuses (eFinancialCareers)

Some departing financial advisors earn more trouble than the payment is worth. If you do decide to chase the money, heed this advice: Put it in the bank.

Greenhill Growing (Financial News)

New York-based advisory firm Greenhill is looking to add to its European headcount and eventually open offices in Asia and Latin America.

Treasury Futures Probe (WSJ)

Regulators have launched an investigation into trades made by Edward Glenn Hadden, the current head of interest-rate trading at Morgan Stanley. Investigators are looking into trades Hadden made in 2008, while working for Goldman Sachs.

Settlement Nearing (Financial Times)

UBS is poised to become the second bank to agree to a settlement with regulators over its role in the Libor rate-fixing scandal. The Swiss bank is expected to be fined even more than the $450 million Barclays agreed to pay earlier this year.

Judgment Day (WSJ)

February 15: Judgment day for SAC Capital Advisors. That’s the day investors have to notify the firm if they are pulling their money out. Some have already made their decision known.

FX Exit (Reuters)

GFT has shuttered its U.S. currency exchange retail brokerage business in an effort to allocate more resources to its global institutional business. FX trading margins have taken a beating over the last year.

‘Tip-Mining Machine’ (Bloomberg)

Meet David Slaine, a former Morgan Stanley managing director and ex- partner at the Galleon Group. He’s the FBI’s model informant.

RIP (Bloomberg)

Jonathan Auerbach, co-founder of brokerage firm Auerbach Grayson & Co., died last week of lung cancer. He was 70.

Buzz Around the Office

J.P. the VIP (NY Post)

Sleep well financiers, Justin Bieber will not be taking your job any time soon. When told he and his friends needed to leave a private room because it was booked by J.P. Morgan, Biebs responded: “Why does he get the room and not us?”

List of the Day: Job Search Mistakes

You’ll struggle if you make these mistakes.

  1. You never ask for advice from your network.
  2. All your searching is done online.
  3. You don’t embrace social networking.

(Source: AOL Jobs)