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.
The Lessons of Lockdown for In-House Lawyers – How to Create Efficiency in the Future
Maame Eshun (Head of In-house Legal) & Katherine Lord (Head of Danos Consulting), will be joined by three leading Legal experts from the Banking, Asset Management and FinTech sectors.
This panel of specialists will provide insights on the current Legal market, elaborating on the challenges they have faced over the lockdown period and provide advice on creating efficiencies for the future. There will also be a Q&A session at the end to address any of your questions.
WHO SHOULD JOIN:
This event is a must for those who are senior leaders in the Legal sector. This online event will help you shape your strategies and plans for the future, it will give you some focused time to connect with other lawyers in your field, and to hear industry expert opinions.
Maame Eshun (Event Host): Head of In-house Legal recruitment, Danos Associates. Maame will provide a Legal Market Overview and key expected trends for hiring in 2021.
Katherine Lord (Event Facilitator): Partner and Head of Danos Consulting. Katherine is a market leading interim and consultancy specialist recruiter, focusing on Legal, Compliance and Risk hiring.
Expert One: A leading Legal professional from the Fintech sector who has huge expertise with high-growth companies.
Expert Two: An experienced General Counsel from the Asset Management sector who can add huge value to discussions around regulatory change.
Expert Three: General Counsel with senior board level expertise from working in MD level roles at large Banking Groups and most recently in the niche International Banking sector.
SIGN UP FOR THIS EXCITING EVENT:
Once we received your registration, we will send you the meeting details. The meeting will be hosted online using Zoom Meeting.
We like our participants to enjoy our online events as much as possible. We would like to send you a “snack pack” that includes some refreshments for our meeting. These will be posted to you in advance of the meeting.
The pack is optional, if you would like to receive this then please provide your mailing address at the point of registration*.
(*Sorry only available in the UK and if the registration is received before Sunday 4th October 2020).