J.P. Morgan Embarking On Compliance Hiring Spree

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Front page scandals have cost Wall Street thousands of jobs in recent years. Now, ironically, the shoe is on the other foot. Facing more than a half-dozen investigations by the Justice Department alone, J.P. Morgan is beefing up its compliance and risk control units at a near unprecedented level.

The Wall Street Journal is reporting that J.P. Morgan plans to spend roughly $4 billion to help clean up its risk and compliance issues; roughly a third of the money will be earmarked for new hires. The bank could add as many as 5,000 new staffers this year alone.

Chief Executive Jamie Dimon is also giving risk and control execs more autonomy to do their job. With a helpful nudge from regulators, Dimon has changed the hierarchy within the bank. Risk managers no longer report to business executives, who quite often have conflicts of interest when it comes to compliance. Dimon also hired consultants from McKinsey, Ernst & Young and other firms to help ensure another “London Whale” doesn’t come crashing down on his desk.

If you’ve got a background in risk, compliance, audit or operations, now is a pretty good time to knock on J.P. Morgan’s door. If you don’t, check out our recent piece on how to break into the space. It’s not easy, but compliance jobs aren’t going anywhere anytime soon. The job security and pay are increasing every year.

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Buzz Around the Office

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These commonly used resume phrases drive recruiters and hiring managers crazy. Get them off your resume.

  1. Hard-working.
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  3. Motivated.

(Source: The Telegraph)

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