Recruitment within front office compliance advisory has been buoyant throughout 2015. Most, if not all, investment banks have been hiring, most noticeably bolstering their FICC teams. This high level of recruitment has continued moving into H2.
The investment banks with larger teams have been recruiting those with specific product expertise, for example focusing on credit, rates and FX. Most organisations already have plans in place for 2016, with some employers looking to increase their teams by 25 - 50%.
High quality applicants that possess the product expertise required come in short supply, meaning that there are less to choose from and has resulted in candidates achieving salary increases of 15-20% when moving jobs. Firms are also doing all they can to keep hold of good talent in this space, so counter offers have been common.
Compliance recruitment within asset management has continued to be busy leading into H2. The bulge bracket firms continue to be the busiest, whereas the smaller or boutique firms tend to opt for internal movements before looking for external hires.
The busiest areas within the asset management compliance market continue to be advisory, guideline monitoring and financial promotions and sales and distribution.
We anticipate the a buoyant employment market for the rest of H2.
Levels of recruitment within compliance monitoring continue to remain strong with a focus on monitoring and testing positions. Candidates with experience in implementing annual compliance monitoring plans will find themselves in demand, as well as ex-auditors. There has been an increase in demand for AVP and VPs with salaries competitive between the £70,000 and £115,000.
Hiring within the control room has taken a dramatic increase compared to the same period last year as the increased need for control room SMEs goes up. The growing compliance departments within the banking sector has resulted in a greater volume of work within the control room and hence the need for AVPs and VPs. In addition, new roles are being created within the control room that require market abuse and surveillance experience.
Surveillance for August and July has remained stable. As trade surveillance departments grow, the need for more specific product knowledge will come to the fore. The most hiring has been at the AVP level that require three years' experience. In addition, banks have also been looking at the senior end to supplement the leadership of these surveillance teams.
As the regulator releases new regulations, the impact of these upon a bank has been ever important. Candidates with 8-10 years' experience at VP or director level are most in demand due to their experience with new regulatory initiatives. Salary increases have been at the 15 - 20% mark.
Anti-money laundering (AML) recruitment has been as busy as ever across all levels. In particular the focus has been on the sanctions and AML assurance. Firms have been recruiting predominantly at VP or director levels for those that can add value straight away. AML advisory candidates focusing on global markets products have also been in demand at the VP level.
As with most areas in compliance, the AML space is very candidate short and firms are looking at new avenues for applicants such as internal audit candidates who have audited in AML.