Danos Group is a leading provider of permanent and interim Compliance, Risk and Legal recruitment services in the Financial Services arena across EMEA, the Americas, and APAC.
We pride ourselves on being able to match talent not just to the requirements of the role, but also to the style of the organisation.
Danos Associates is a leading contingency and search firm specialising in mid to senior level permanent hires across the Financial Services sector. We deliver a personalised, discreet recruitment and selection service to an elite client base across a global market.
Danos Consulting provides experienced Legal, Risk and Regulatory interim and consultancy professionals to the Financial Services sector including consultancies. With an unparalleled talent network, we provide experienced, first class practitioners cost effectively.
FinCEN Files – It is important to note that a lot of the stories that were leaked in these reports are already at least three years or more old. While the regulators are aware of these events and in some cases have already issued penalties and remediations, the impact this will have on the public’s trust of the big banks, is very damning.
Citi Group Hires Jane Fraser As CEO – The first woman to lead a major financial institution in the US. This is big news for our industry and a positive sign that we could (and should) be seeing more women at the CEO level in the bulge bracket segment.
JP Morgan – Faces a $920m fine for market manipulation.This is the largest fine ever issued for spoofing.
TRENDS IN COMPLIANCE ACROSS THE US
Compliance hiring has remained steady despite the general uncertainty during lockdown. The industry adapted quickly to virtual interview processes and as lockdown rolled on, firms became more comfortable with hiring people remotely.
The industry has remained buoyant, so the need for critical hires in compliance has not been negated by the pandemic. In fact, as the third quarter ended, we saw an uptick in recruitment activity like we have seen in previous years for this period.
RETURN TO THE OFFICE
While many firms are now bringing back senior management to the office, on a staggered basis, remote working continues to be the “norm” for most people in the industry, across the United States. While some firms seem eager to bring broader teams back to the office, the majority of our clients are erring on the side of caution and maintaining the WFH arrangement for the majority of employees until at least January.
CHANGES TO FUTURE WORK ARRANGMENTS
No one knows how the pandemic will play out in the US over the next few months, of course, and this uncertainty is reflected in work arrangements within the industry. Remote working has been fully embraced by some of our clients, with some suggesting that WFH will be a permanent fixture for certain Compliance roles. Others, however, have remained quite conservative, suggesting that as soon as it is safe to return to the office, they will ask their staff to do so.
From a candidate perspective, this is actually a great time for new opportunities, but we suggest that you have a thorough understanding of your own WFH expectations over the next 6-12 months. It is important to be clear on specific needs or restrictions with regards to going into an office, let us know so that we can be clear with our clients when making introductions. When learning about a new role, make it a priority to get a clear understanding of that company’s “Return to Work” policy before being put forward.
MOVERS & SHAKERS
Valerie-Leila Jaber, Head of Financial Crime, leaves Credit Suisse for Coinbase.
Millennium Trust names Jason Lomax as CCO.
USAA names Bob Johnson as its Chief Legal Officer and General Counsel.
HSBC US appoints Christine Lowthian as CCO.
Wells Fargo announced that CCO Mike Roemer announces departure after two years.
Chad Fentress steps down as CCO at SoftBank and they appoint Tim Mackey as Group CCO. Visa announces new CCO Obiamaka Madubuko.
While it is difficult to predict the future, given the uncertainty around the pandemic and the US election, we feel that the hiring outlook for Compliance remains strong and will remain so, well into next year. We are basing this on the aggressive regulatory environment and the steady hiring trends so far this year.
As we look forward to 2021, we feel that remote working will continue to be a consideration for every new hire. Given the success of remote working for some companies, it is likely that at least some roles could be fully remote, even when it is deemed safe to return into the office. Still, as a candidate, it will be important to be flexible on this arrangement as it is subject to change at any time.
Please contact our US team if you would like to discuss the US market, or if you have any hiring requirements. Click Here.
Have a plan in case the technology fails. Ensure that the interviewer or coordinator of your interviews has your email and cell phone number. If you are in contact with the interviewer or coordinator directly, reach out to them as soon as you have issues to ensure no further delays in your interview.
Most video conference services have an accompanying mobile app for iPhone or Android. Consider downloading and setting these up on your phone just in case, as cellular signal can sometimes be more reliable than Wi-Fi.
Remote interviews are proving to be an effective employee selection method. Many of these tips are applicable to both interviewee and interviewer. Like all interviews it is important to prepare yourself, the environment, and technology.