The WSJ and others are writing of issues facing senior bank compliance staff at banks... www.efinancialcareers.com writes they have the most frightening job in finance these days. Indeed, several recent enforcement actions have found compliance officers personally liable for conduct lapses within their firms while NY's Financial Services Authority wants powers to seek criminal charges against compliance officers. Headhunter Spencer Stuart says compliance officers are shaking in their boots even! An MD at Sheffield Haworth says that about 36 senior compliance officers left their jobs last year, up threefold on the year. The only good news is that such officers are being hired in record numbers given the regulatory intervention and salaries are going up. This is an interesting space to watch as bankers are continually asked to play their game of twister, or playing by a set of seemingly unlikely rules when compared to the pre-crisis period.
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