Danos Group
14 Feb

People have returned to work following their New Year celebrations into what we foresee will be a year of change. 

Global uncertainties loom; the wider knock on effect of Brexit and the trade war between China and the US. Will continued Brexit uncertainty have an impact on growth outside of Europe? Could the trade agreement outcome see an influx of business routed through Hong Kong? 

Here in Hong Kong and Singapore we’re excited to see how the changes on our own shores will play out this year. For the first time in a number of years we’re seeing a lot of senior level management changes in the compliance and financial crime space across major international and European banks – and more is yet to come. Some senior individuals are being poached by direct competitors, whilst others are joining new challenger businesses or relocating internationally. 

These moves at the top will create opportunities that will filter down to the wider teams. With new leadership comes new strategy and structure. Some people may choose to stay, seeing an opportunity to develop and progress under new leadership but others will consider it as a time to explore other possibilities. They may want to follow their old boss or others may simply not see a fit with the new focus of their department. 

It is likely that once new heads are settled, we will see more VP and Director level hiring as well as movement across the wider market as moves inspire and promote change, leaving more candidates open to new opportunities. 

It’s going to be an interesting year ahead. We have an unparalleled network in this space and truly understand the needs of the market. I will be visiting clients in Hong Kong, Singapore and London in the next few weeks to discuss their plans for the year. If you would like our support in finding new heads of department, replacing wider headcount or bringing in new people as part of a restructure please get in touch.

06 Feb

EMEA – Compliance

Colin Harrison has joined Interactive Brokers as Chief Compliance Officer UK.

Es Nelson-Jones has joined NatWest Markets as Head of Compliance, Conduct & Financial Crime.

Sarah Bennett-Nash has joined Standard Chartered Bank as M.D, Head of Compliance Europe.

Robin Oliver has joined Daiwa Capital Markets as Managing Director, Head of Compliance.

Barry Wainwright has joined Panmure Gordon as Head of Compliance.

Alexander Culley has joined INTL FCStone as Chief Compliance Officer EMEA & Asia.

Spencer Prinn has joined Pantheon Ventures as Head of Compliance (EMEA).

Dominic Hirons has joined Citi as Head of Compliance (EMEA).

EMEA – Risk

Keith Garbutt joined HSBC from Credit Suisse as Head of Independent Model Review (Q4, 2018).

Dmitrij Senko has been appointed as the new CRO at Eurex Clearing, moving from his current role as Head of Risk Analytics and Model Validation (2019).

Grégoire Debray joined Morgan Stanley as Managing Director, Head of Risk Analytics EMEA . Joining from JP Morgan (Q4, 2018).

EMEA – Legal In-House

Nigel Reglar has left Barclays.  The MD latterly responsible for Barclays’ Global Markets Legal business stepped away after 14 years with the bank. 

Allen & Overy’s Michael Castle has joined Deloitte Legal to establish the legal division of the Big 4 firm.

Richard Punt has left A&O Peerpoint as CEO and is rumoured to be joining a new law business.

Martin Sandler has joined EY Law from PWC Legal to develop a regulatory practice for the Big 4 firm.

Pamela Grover-Mitchell has joined MGA aggregator, Advent Solutions Management as General Counsel.

Michelle Huang joins Goldman Sachs as an ED in OTC Derivatives Legal from Credit Suisse.

Roya Abrams has joined Barclays Bank as Legal Counsel.  She joins from M&G Investments.

Anna Marx has joined M&G Investments as Head of Product & Distribution Legal from Allianz Global Investors.

Emily Phipson has been promoted from Senior Legal Counsel to Head of Legal for Funded Products, Financial Markets.

James Cousins is now General Counsel at Coremont LLP from Brevan Howard as Senior Legal Counsel.

EMEA – Legal Private Practice

Bird & Bird’s Head of UK tax Mathew Oliver has joined Osborne Clarke’s London office.

Morgan Lewis’ City transactional finance head Thomas O’Connor has joined Akin Gump’s financial restructuring and global debt team in London.

DLA Piper has won back Greenberg Traurig tax partner Clive Jones reuniting him with his former colleagues.

Ropes has announced that litigator Rosemarie Paul is joining its City practice after six and a half years at Akin Gump.

White & Case has hired Weil Gotshal & Manges’ London Head of Banking, Mark Donald.

Clifford Chance infrastructure M&A star Amy Mahon is joining Simpson Thacher & Bartlett’s City office.

Hong Kong

Rod Francis has left Citi where he was Regional Head of Financial Crime and has joined FTI Consulting to head up their new regional Financial Crime Practice.

Gretchen Goodall is relocating to Hong Kong within Citi to take on the APAC head of Financial Crime Position, she was previously Global KYC Head for Corporate & Investment Banking.

Connie Hui has joined EFG, she was previously an MD within UBS’ Compliance and Operational Risk Control department.

Darrin Chan has joined Deutsche bank as Regional Head of Equities Compliance, he was previously with BNP Paribas.

Aveline San is leaving UBS where she was APAC Head of Compliance & Operational Risk Control.

Kristine Howse joined MUFG as MD, Regional Head of Financial Crime, she was previously with Citi in Hong Kong and Australia.

Joshua Pieterse has joined UBS as Regional Head of Compliance & Operational Risk Control for their Asset Management business.

Fadi Amro has joined Morgan Stanley as Regional Head of FICC Compliance, he was previously with HSBC.

Joseph Wong has joined CICC as Hong Kong Head of Compliance, previously he was with BNP Paribas.

Hidde Bart de Vries joined BNP Paribas as North Asia Head of FICC Compliance from ANZ.

Singapore

Shulin Tay has left Deutsche Bank to join Mastercard as Director of Legal & Compliance.

Kausik Ghosh has left PWC to join StrairtsBridge Advisors as a Senior Director.

Jed Wei Lii Khoo has left BNP to join UBS as Executive Director, Business Risk Partner APAC.

Dibyajyoti Sen has left Citibank Country to join SCB as Head of Fraud Risk Retail PBW.

Chee Keong has been promoted to Country Risk Director (Regional) at Ant Financial.

Phuong Trinh has moved from FIA Inc to Jump Trading as Head of APAC Legal & Compliance.

Wee Soon Tan has left Deutsche Bank to join DBS Bank as Executive Director FCC.

Tan Choo Li has left Nets to be Executive Director of Cloud Governance.

Pradheep Sampath has left OCBC and is now Head of Platform and Transformation Legal & Compliance at DBS Bank.

Hui Min Q has moved from BNP to Nord/LB as Compliance Director.

Edris Azlan has moved from IYO Bank to Finexis Advisory as Head of Internal Audit.

Hardy Singh has moved from NAB to DBS as the Head of Group Transaction Surveillance, Financial Crime Compliance.

The United States

Richard Weber has moved to UBS as Managing Director and Americas Head of Financial Crime from Deutsche Bank.

Paul Walsh has moved to Betterment as CCO from Commonwealth Bank.

Jerry Chou has moved to Line Corporation in San Francisco as CCO from Lending Club.

Christopher Newman has gone to Seven Eight Capital as Director of Finance & Operations / Chief Compliance Officer from Credit Suisse.

Philip Pescatore has moved to Guardian Life as CCO from AXA Advisors.

Jeffrey Schultz has joined Navy Capital as CCO & GC.

Jana Hatten has moved to Discover Financial Services in Chicago as CCO from Rabobank.

Amy Mertz Brown has moved to Securities & Exchange Commission in Washington DC as CCO from CFPB.

Julianne Hull has joined Frontier Capital Management as CCO & GC in Boston.

Jeff Kern has joined bitFlyer in San Francisco as CCO. He was previously Payments Compliance and FIU Manager for Google.

Erick Pacheco has joined International Currency Exchange (ICE) as CCO in Los Angeles.

Jeffrey Schwartz is now Deputy CCO at KKR Capital Markets. He was previously Head of Capital Markets Compliance for Credit Suisse.

Dipesh Mehta has joined Ilinois State Board of Investment in Chicago as CCO & GC.

Aviva Lipkin has joined Rockefeller as Chief AML Compliance Officer from ABN AMRO.

Jane Downey has joined ABN AMRO Clearing Chicago LLC as CCO.

Paul Tufaro has joined RBC as Regional CCO from CIT.

06 Feb

EMEA – Compliance

The final quarter of the calendar year normally sees some drop off in recruitment activity, however this year things didn’t really slow until mid – December. 

We saw large numbers of firms continue to expedite their Brexit planning with hiring going on across Europe with a particular focus on Frankfurt, Luxembourg, Dublin, Amsterdam and Paris.

The London market remained buoyant with the exception being the larger investment banking groups who were not as active as the smaller organisations.

Regulatory pressure and focus on the asset management/private banking sectors have seen significant demand for senior candidates in those sectors, with financial crime in particular being a massive growth area.

Q1 for 2019 has started with a flurry of activity with the contingency team working on a total of 41 new roles in the first four weeks of January.

EMEA – Risk

Model review remains a key hiring space pretty much across the board and inclusive of multiple different models especially market and counterparty risk as well as AIRB models. Additionally, we expect to see more live roles focused on validation of machine-built compliance / anti-fraud models.

Risk candidates with strong quantitative skills, either in model development or validation have been in high demand and this shows no signs of abating. Competition for the better candidates is likely to increase for those with a balance of coding / modelling skills, regulatory knowledge and the ability to work / communicate in a fast-paced business orientated environment.

We’re seeing an increasing demand in corporate credit risk. Especially for mid / senior level candidates with significant sanctioning authority and diverse sector experience in the UK and Western Europe.

Risk and control continues as a growth area. Candidates with balance of first and second line expertise are in demand and there are increasing requirements in consumer credit and fintech.

Cyber risk is considered one of, if not the key operational risk and this has been reflected in hiring especially at the larger multi business line banks and consultancies including the Big4 and boutique specialist firms.

Payments firms and fintechs continue to compete with banks for talent. Not necessarily in terms of compensation but these firms can offer more of an open mandate and / or the start-up environment which can be less corporate. This is often especially attractive to more junior candidates. One such example is Klarna which continues to build out having acquired Close Brothers Retail Finance in the UK.

We have seen an increase in senior risk roles in European centres beyond Frankfurt, including Dublin, Amsterdam, Lisbon and Madrid. These roles tend to be about increasing a presence for risk in Europe as opposed to the relocation of specific roles from London.

EMEA – Legal In-House

Q4 has continued to deliver a range of positions across the legal sector. There has been a notable taking of the lead by smaller institutions in terms of where the recruitment volume in the market is, with many small businesses recruiting a 1st, 2nd or 3rd lawyer and disruptive challenger institutions gaining considerable traction.  Parallel to this, there has been a trend on the part of larger banks and funds to await greater certainty around Brexit.

Brexit planning has continued apace with many institutions launching the risk and control functions within their Brexit HQs in Germany, Ireland and Luxembourg.  France and the Netherlands have also been busy for this reason.

EMEA – Legal Private Practice

Despite continuing political uncertainty the private practice partner level market continues as buoyant as ever across the majority of practice areas. There has been a real uptake in the number of lateral hires within the projects and energy space, an area previously fairly quiet, and continued activity in the real estate sector across both corporate and finance due to a continuingly busy market. Hiring does still continue to be mostly dominated by the US law firms with Baker McKenzie at the forefront this quarter.

Concerns around a slowdown post-Christmas have proved unfounded with teams now ramped up to full capacity. It has been good to hear a general consensus of continued positivity for the upcoming quarter.

EMEA – Consulting

The contract market remains buoyant despite economic and political uncertainty around Brexit. In 2018, financial services firms have been under increased scrutiny by the regulator to improve controls and meet regulatory demands and this continues into 2019.

We predict regulatory change, including the introduction of Senior Manager’s Regime across additional financial services sectors, and Brexit strategy across the banking sector in particular will have the biggest impact on the contract market in 2019. MIFiD II and GDPR were tackled in 2018 but some contracts continue to roll into 2019. On the whole, Brexit was approached tentatively by many firms and this will need to change this year. Interim legal support will predominantly mirror the compliance contract market.

Across compliance, there has been a demand for financial crime professionals linked to money laundering scandals and the implementation of the first wave of cryptocurrency regulations. We predict the 6th money laundering directive (6AMLD) and the payment services directive (PSD2) will continue to increase compliance contractor numbers within the financial services sector. The risk landscape is also changing with skills shortages in credit and market risk. With FRTB aiming to standardise the treatment of market risk and impose stricter global capital requirements, we predict the market risk contract market will expand.

Consultancy or interim support is often used to bridge the skills gap or as a tool to upskill the function whilst hiring for permanent professionals. In 2018 we saw a rise of interim hiring in financial promotions, central compliance, and monitoring and surveillance where hiring plans were delayed due to candidate shortages.

Many factors including the sector within financial services, geographical location and demand can affect the rates achieved by contractors.

Hong Kong

There has been a reasonable amount of senior level movement in both the compliance and financial crime space late last year and early this year and there are still a few moving pieces.

The impact of this is that there has been an increase in the number of candidates open to new opportunities who are seeing the changes in management as representing a good time to explore roles for themselves.

Through the majority of last year there was more activity on the buy side. This year once new heads are settled in their roles we expect to see more VP and Director level hiring from larger international banks as teams replace headcount and go through restructuring as the focus of the departments change under new leadership.

Smaller and mid-size firms are also expected to continue to incrementally grow their compliance and financial crime headcount but unless they face particular regulatory scrutiny we don’t expect high growth of headcount numbers.

Sales and trading product knowledge remains in demand for compliance officers and those people who can match legal and compliance backgrounds with an understanding of data and technology will be sought after.

Insurance is another busy area of hiring with compliance functions increasing headcount as the impact of the new insurance regulator is starting to be felt.

Singapore

In Singapore Q4 is typically one of the busiest times of the year. With Singapore being a regional financial hub, businesses dash to replace candidates to avoid losing their headcount to other offices around the region.

The main moves have been in, cyber security, fraud, technology compliance and data privacy. Local banks have been focusing a lot on digital payment services and payment platforms.

There has been a continued push to diversify the workforce with more senior positions going to female candidates .

The Singapore FinTech festival arrived in Singapore with the likes of Narendra Modi Prime Minister of India, Bill Withers CEO of SCB, Christine Lagarde MD of IMF and Piyush Gupta CEO of DBS all discussing the impacts of fintechs being the next frontier of banking.

There has been a big push with trust and fiduciary businesses to become more transparent with teams growing in the Senior Analyst and AVP compliance areas.

As Singapore offer major tax and business incentives to fintechs we are expecting continued growth in all areas of back office compliance but with a greater emphasis on credit risk, market risk, transaction monitoring, EDD & fraud positions.

The United States

For hiring, Q4 of the calendar year is typically stop-start in the US with the holidays punctuating the quarter.  However, the quarter remained very active overall, with firms seeking to fill headcount before the end of year.

With many bulge bracket firms focusing on less ‘conventional’ securities-related business lines, hiring in this space has been slow, with focus only on key /replacement hires.

By the same token, with many bulge brackets pushing into new, innovative businesses, there has been a requirement from ‘out of sector’ specialist hires across consumer banking and various areas of digital finance.  

Geographical dispersion in the US continues as many firms – both sell side and buy side – utilise lower cost centres by ‘near-shoring’ certain teams away from traditional FS hubs, to Jacksonville, Buffalo, Salt Lake City and Parsippany, to name a few.  

Growth of FS hubs outside of New York remains in focus for many. San Francisco Bay Area continues to house the majority of fintech growth and Chicago goes steady in the commodities (metals) space. Texas sees growth across Austin, Houston, and Dallas / Fort Worth, with a combination of traditional business for the area (energy in Houston) with the ballooning of the consumer banking presence in Dallas / Fort Worth.  A slower process, but hedge funds still seem to be entertaining or making the move south to Florida from the old hedge fund capital of Greenwich, CT.

With regards to practice areas, financial crime remains a huge growth space for most firms, with many bulge brackets being affected by consent orders, and general deficiencies in this space.  Migration from regular compliance to financial crime is becoming a strong trend, which we expect to continue into 2019 hiring.

24 Jan

January and February can be a challenging time for Hiring Managers in Asia. Rather than sit still and wait for decisions to come from post Chinese New Year discussions, the most proactive recruiters can tackle the issue head on and get ahead of the game. This will see them operating with fully functioning teams while their competitors are still working to build theirs.

The rise in the three months’ notice period

A three months’ notice period is becoming increasingly common in compliance. Companies are using this as a retention mechanism, with the longer process sometimes putting off other firms from approaching their talent when quick hiring is required.

Hiring firms are having to pay higher salaries for the top candidates to entice them to join them, they have to wait longer and they find themselves with unmotivated staff for three months as they are forced to work out their notice period.

This all makes it even more important for firms to get a head start in their recruitment plans this year and identify the best talent. It’s imperative that a firm can really sell their roles to the right people and this is where a specialist in the market like ourselves can really add value.

Bonus time

One of the biggest challenges of trying to recruit at this time of the year is bonuses. A lot of clients find that potential candidates are sitting tight for the bonuses they have worked hard all year to receive. They have the option to offer large percentage increases in compensation to incorporate their expected bonus as well as their previous annual package, but this can be a very expensive way of working.

Recruiters like ourselves, with good relationships with our network know the motivating factors of our candidates. We can approach them with non-fiscal benefits such as holiday, flexible working conditions or career progression that we know will be superseding incentives.

We are able to have meaningful discussions with candidates, helping them to see the bigger picture when it comes to making a move; working for a better company, getting a better job, a bigger annual package etc can mean so much more than one bonus. We are also able to encourage candidates to enter the recruitment process earlier than they usually would so that they are ready to leave as soon as the bonus hits their accounts.

Knowledge of international organisations and sectors that have different bonus periods is useful for navigating around who to approach; Asset Managers have often paid in December, many US firms pay at the end of January and European firms pay in February and March.

Compliance worldwide will continue to be a strong market as the market only continues to prove the threat and vulnerabilities compliance aims to address. If you would like our support in finding the right people for your team please get in touch.

16 Jan

The contract market remains buoyant despite economic and political uncertainty around Brexit. In 2018, financial services firms have been under increased scrutiny by the regulator to improve controls and meet regulatory demands and this continues into 2019.

We predict regulatory change, including the introduction of Senior Manager’s Regime across additional financial services sectors, and Brexit strategy across the banking sector in particular will have the biggest impact on the contract market in 2019. MIFiD II and GDPR were tackled in 2018 but some contracts continue to roll into 2019. On the whole, Brexit was approached tentatively by many firms and this will need to change this year. Interim legal support will predominantly mirror the compliance contract market.

Across compliance, there has been a demand for financial crime professionals linked to money laundering scandals and the implementation of the first wave of cryptocurrency regulations. We predict the 6th money laundering directive (6AMLD) and the payment services directive (PSD2) will continue to increase compliance contractor numbers within the financial services sector. The risk landscape is also changing with skills shortages in credit and market risk. With FRTB aiming to standardise the treatment of market risk and impose stricter global capital requirements, we predict the market risk contract market will expand.

Consultancy or interim support is often used to bridge the skills gap or as a tool to upskill the function whilst hiring for permanent professionals. In 2018 we saw a rise of interim hiring in financial promotions, central compliance, and monitoring and surveillance where hiring plans were delayed due to candidate shortages.

Many factors including the sector within financial services, geographical location and demand can affect the rates achieved by contractors. We have highlighted the key interim positions we hire for and the associated candidate rate range. These rates can fluctuate, and some individuals will obtain rates above these levels due to their specific expertise.

Interim Head of Compliance Risk or Legal

£600 – £2000 per day

Senior Compliance/AML Manager / VP

£550 – £900 per day

Compliance Manager/AML /AVP

£350 – £550 per day

Compliance Associate

£180 – £300 per day

KYC Analyst

£250 – £450 per day

Chief Risk Officer

£1500 – £3000 per day

Interim Head of Risk

£900 – £2000 per day

Senior Risk Manager

£500 – £950 per day

Risk Manager

£400 – £600 per day

Risk Analyst

£250 – £450 per day

Interim Head of Legal

£1000 – £2000 per day

Interim Senior Legal Counsel

£650 – £850 per day

Interim Legal Counsel

£400 – £650 per day

Interim Paralegal

£150 – £300 per day

To learn more about our consultancy services click here

For detailed information and advice, please do not hesitate to contact me for a confidential discussion.

19 Dec

In response to the global financial crisis of 2008, The Basel Committee on Banking Supervision has been working with global regulators to create new guidelines that ensure the banking sector has stronger capital standards for market risk and is more resilient in the face of any future crises.

The new standards include a more defined boundary between banking and trading books, a ‘Standardized Approach’ to risk metrics and a trading desk-level model approval process for ‘Internal Model Approaches’.

Despite the FRTB’s good intentions, it has faced scepticism and criticism as banks have been working to implement and test the new methods ahead of the deadline of 31st December next year.

Is it worth the cost?

No:

Some are struggling with the financial impact of FRTB where the costs involved in the complex implementation and maintenance are high and the capital requirements and new rules on managing trades could impact profitability.

There are reports of significant reductions in inter-bank trading and the number of banks with active trading books. Some suggest that the costs inflicted by FRTB are a result of panic and not relative to the scale of the issue, suggesting there are quicker and cheaper fixes.

Yes:

The Bank of England has estimated at its most conservative figure, the financial crisis cost in excess of $20 trillion. The knock on, global effect is significantly higher. Some consider the cost of changes that protect against a global economic disaster to be completely insignificant and totally justified.

John Beckwith and Sanjay Sharma, authors of ‘The FRTB: Concepts, Implications and Implementation’, even believe that FRTB can be adopted at a ‘reasonable cost’. FRTB can be more cost effective than existing methods such as stress testing and operationally, a lot of the work required in the implementation would have needed to have been carried out anyway as technological development leans more on data integration and model alignment.

Has FRTB been rendered obsolete before it’s even begun?

Yes:

The trading world, going into 2019 is much different to 2010 when FTRB was first discussed. Since then other regulatory models such as Basel 2.5, stress tests, VaR, IRC, leverage ratios, resolution planning and capital buffers have significantly reduced risk. Value at Risks (VaRs) are now only a third of what they were back in 2007.

No:

Beckwith and Sharma strongly believe that FRTB plays a critical role in the future protection of our financial services, correcting areas that are currently left exposed.

While they appreciate that regulation brought in since the financial crisis has made important steps forward, they don’t address the vulnerabilities that allowed it to happen in the first place. They say that weaknesses in market risk frameworks have been identified but not addressed which leaves ‘global markets and banking systems…prone to systemic shocks.’

FRTB goes beyond existing new capital calculations and is designed to, ‘transform the measurement and management of trading activities into robust processes that are sensitive to the observability and suitability of risk-factor sensitivities as they change over time’.

Addressing capital requirements is not enough when existing rules are open to manipulation by creative traders. Illiquid securities were ultimately responsible for the financial crisis and FRTB allows banks to attribute additional capital to risk factors as liquidity in trading assets decline.

Banks currently testing Internal Model Approaches (IMA) are experiencing failure rates of up to 79% when reconciling forecasted and actual losses, which shows that there is a need for tighter controls.

Some question that with so much focus on past activity, how adept FRTB will be at protecting the future but an under-recognised benefit of FRTB is that it is the market forces that drive the trading parameters, not the subsequent regulation after an incident has occurred.  The new framework captures emerging threats in specific risk factors and securities in real-time.

Are banks going to meet the deadline next year?

Yes:

FRTB has been on the table since 2012 and banks appear to have been making good progress with their impact assessments and initial implementation this year.  They have the whole of 2019 to test the new risk models and are steadily working towards meeting the deadline at the end of next year as required.

No:

While banks within the European Union are further ahead, many experts believe that full implementation of FRTB won’t be in place until 2025. In December 2016 the draft European legislation published by the EU in relation to FRTB said that the proposed amendments would start in 2019 ‘at the earliest’, that the date of application would be two years from 2019 and further still there would then be a three year phase-in period.

FRTB brings with it huge operational challenges. One of these is the requirement to source and calibrate 10 years of market data. Risk and finance have typically been separate functions and where the former looks at the future and the latter the past, it could take some time to bring the two together.

Will America ever actually adopt FRTB?

Yes:

David Lynch, Deputy Associate Director with the Fed has been very clear that the US are going to implement FRTB. While admitting that the original version caused capital concerns, he is confident that their data quality and testing is now more on track.

He has said that the Basel Committee will complete its consultation and finalise rules this year, allowing enough time for feedback and adoption to meet the delayed implementation date of 2022.

No:

Shortly after President Trump was elected, he issued an executive order for the US Department of the Treasury to review the American financial regulatory system. The Vice Chairman of the Financial Services Committee in the US House of Representatives had issued warnings on international rules and Congressman Patrick McHenry said that agreements like the Basel III accord ‘unfairly penalised the American financial system’ and that increases in capital requirements had led to slower growth in America.

Following this, a report issued in June 2017 advised US regulators to hold off on FRTB while it was investigated further. Later in December, the Basel committee on Banking Supervision decided to postpone international implementation until 2022. The enquiries and delays have caused people to question the US’s commitment to FRTB which has led some banks to take their attention away from it.

To conclude

We have seen an interesting mix in views. The drive to secure a more resilient banking sector has to be supported but those at the helm are raising important questions. Whatever your view, FRTB is going to be an important part of 2019 and Hiring Managers are building their teams accordingly. If you need support in hiring people with the right skills and experience for this task, please get in touch.