Danos Group
21 Jan

The Danos Group is pleased to announce an exciting partnership with Leadership Through Sport & Business (LTSB), a social mobility charity that prepares and supports bright young people from disadvantaged backgrounds into meaningful roles within Business and Finance, and Digital / Technology.

Commenting on the announcement, the Danos Group Global Managing Partner Dominic Danos stated, “We realise we have the power as a recruitment company to actively influence the inflow of under-represented groups into the sector we service, thereby helping to advance the diversity and inclusion agenda. As a sector it is important that we address the under-representation of minority groups and ensure a career in the financial services industry is appealing to the next generation of professionals.”

“We admire LTSB for focusing on those young people from underprivileged backgrounds, by delivering them a dedicated program and the support to enable them. As recruitment and market experts, we know we can help support these young people with practical advice and guidance. Our senior managers will be mentoring young people on the LTSB program, and as a group we are committed to fundraising on their behalf. We will also promote the LTSB apprenticeship scheme to our clients and networks to increase the hiring of young people.”

“This is a great opportunity for the Danos Group to be involved in partnering with a charity that gives young professionals great equal opportunities and allows them to fulfil their potential.”

This is the start of a great partnership between the Danos Group and LTSB, a demonstration of how organisations in collaboration can join their experiences and expertise to benefit others.

“We feel truly honoured to have been chosen as a Charity Partner for the Danos Group, who have shown such interest and commitment to helping us achieve our Vision. We connect young people from disadvantaged backgrounds to meaningful careers and wider professional experiences and with the help of the Danos Group we are able to create more of these life changing opportunities. We are inspired by the generosity that the Danos Group has shown to LTSB and are excited about furthering our relationship in the future, which we know will unlock more opportunities for young people to flourish”Paul Evans, CEO at LTSB.

To mark the start of this partnership, on the 21st January 2021, the Danos Group launch the “Danos Group 2021 Challenge for Charity”. For the next 21 days the Danos global team will be taking part in 21 challenges, including 21 mile cycle, 2.1 mile run, 21 mins of meditation, and 21 cake bakes, follow our progress on LinkedIn or Twitter.  

We are raising money for the Leadership Through Sport & Business charity if you would like to donate visit https://www.justgiving.com/fundraising/danos-group.

18 Jan

Results of a Compensation and Workforce Trends survey that captured responses from over 1,150 hiring decision makers, managers and above, revealed how employers have coped with the COVID-19 pandemic regarding talent management.

According to the survey, 70% of organisations who have furloughed or laid off employees during the COVID-19 pandemic will back-fill the roles that were eliminated, with nearly 9 in 10 of those saying they will do so in less than a year.

Making decisions about furloughs or lay-offs and reprioritising what skills are needed for a firm is not always easy, often hard decisions need to be made. During this time of uncertainty interim hiring can provide a flexible solution for managers. Danos Consulting can onboard contractors within 48 hours, with full compliance and referencing checks, completed to tier one financial banking standards, providing a quick and expert solutions when needed.

According to the report, during the COVID-19 pandemic it was reported that adaptability/creativity, critical thinking/problem solving, and financial management have become essential skill sets for firms to have. To help meet the increased need for specific skill sets, 45% of respondents indicate that their organisation is upskilling current employees, followed by 35% who are reskilling current employees to be redeployed.  However, over 1 in 4 decision makers are looking outside of their organisation to meet the need for increased skills – 28% are bringing in consultants and 27% are bringing in contingent workers.  Danos Consulting has an established bench of over 1,500 Consultants & Interim Contractors, these experienced practitioners can be deployed quickly, and at affordable costs. 

As all types of professional industries adapted to remote working, the survey revealed that 37% of respondents’ organisations previously opposed flexible and/or remote work, but now promote it. The change in attitude is helping them plan for the future with more flexible work options for employees. The majority of the Danos Consultants and Contractors are currently working remotely. We work with our clients to ensure that new hires are successfully onboarded. Our close candidate management during the selection and onboarding process continues through the assignment, enabling us to provide reliable support when our clients need it most.

“We have used Danos Consulting many times to hire previously and trusted their recommendations on contractor hiring. The onboarding of a candidate was achieved within 48 hours as requested and we are pleased to have had the extra onboarding support from Danos at this difficult time,” Head of Compliance, Asset Management.

“A prime example of how recruitment in an ever changing and dynamic environment can still be executed efficiently and swiftly.  Danos Consulting team facilitated a streamlined and adapted recruitment process to support the financial services industry being thrust into uncharted territory, whilst still meeting the high standards required by their clients.  Very impressed by the team’s work ethic and diligence in making ‘virtual’ recruitment an entirely seamless and successful experience,” Compliance Consultant, Private Equity.

2020 was not been a typical year for anyone, it has shown how resilient professional organisation can be. It is positive to see that the market is looking optimistic about the future, and that hiring will maintain all round and grow in some areas. Danos Consulting is a specialist financial services consultancy firm. With an unparalleled talent network of Compliance, Risk, and Legal experts, we provide experienced, first class practitioners. If you are looking for a flexible solution contact Katherine Lord, Partner and Head of Danos Consulting | + 44 (0) 207 010 1153 | Email: klord@danosconsulting.com.


Source: 2021 Compensation & Workforce Trends Survey (October 2020).

16 Dec

Last Month the United States (US) and the world watched with bated breath as Vice President Joseph R. Biden, Jr. was declared the winner of the US presidential election. While President Donald Trump has yet to concede and continues to make his case in court, all 50 states have now certified Biden as the winner, and it is a foregone conclusion that we will have a new administration deciding the course of action for the next four years. As we look ahead, we thought we would take a bit of time to speculate on what this will mean for Financial Services from a Regulatory standpoint and what impact this will have as far as growth in Compliance and Risk over the next four years.  

Speculation as to what the Biden Administration will do really revolves around two paths: will this be the centrist leaning, coalition-building Biden like his track record suggests or will his administration lean towards the left and embrace the burgeoning progressive wing of the Democratic Party? So far, with nominees to his Cabinet as well as through comments to the press suggest that Biden will be making a serious effort to build a centrist coalition, inviting ideas from both the right, and left of the political divide. It is also worth noting that with, at best a 50/50 Senate, Biden’s hands will likely be tied as far as significant pieces of legislation or enforcement actions will go.  

Increased Regulation?  

The big question every financial institution is asking themselves right now is what this new Administration will mean as far as regulation goes. It is no secret that past Democratic administrations tended to focus on increased regulatory oversight; Obama’s administration gave us transformative legislation in Dodd-Frank and the CFPB (Consumer Financial Protection Bureau), as two examples. What will be interesting to watch is to what extent might Biden’s team might go in building on those policies. Under Trump, the SEC (Securities and Exchange Commission) maintained a very strong enforcement program and it is expected that the Biden Administration will continue that approach, with a particular focus on financial institutions and Wall Street. We do know that former CFTC (Commodity Futures Trading Commission) chair Gary Gensler is part of Biden’s transition team and is reportedly a potential nominee to head up the SEC, it also could be a signal to expect a tougher enforcement approach across all regulatory agencies. Biden has already said that his SEC will push ESG (Environmental, Social and Governance factors) and climate change related risk alerts, guidance, and rulemaking, very likely requiring companies to disclose how these risks affect their bottom line. As a result, familiarity with ESG rules and regulations will be in high demand for the foreseeable future.    

Regardless of what happens with the SEC, it is extremely likely that there will be new leadership at the Department of Justice which will mean more aggressive enforcement on financial and corporate fraud, especially fraud related to Pandemic and recession related trends. It is also reasonable to assume that there will be a renewed focus on FCPA (Foreign Corrupt Practices Act), sanctions, cyber-crime, and AML (Anti-Money Laundering) related actions. In turn, this would likely mush a push for bolstering AML and Financial Crime teams in large and small financial institutions.  

Much has been made of Biden’s pick for Secretary of Treasury, Janet Yellen. If her tenure as Chair of the Federal Reserve is any indication, this could be great news for economic recovery. Yellen enjoys broad support among investors as they are familiar with her body of work: the economy boomed during her tenure at the fed from 2014 – 2018. She is also shown a willingness for big enforcement actions. Yellen’s final act at the Fed was imposing sanctions against Wells Fargo. If nominated as Treasury head, we expect a similar path. Expect to see increased hiring as a result from the big banks.  

Biden has also suggested the creation of a Public Credit Reporting Agency which would compete directly with the three major credit reporting bureaus. If created, that would be seismic shift in how credit reporting works. Under the proposal, a new task force would be created within the CFPB and federally backed lenders, including mortgage originators, would be required to use the new agency’s reports to evaluate applicants for credit.   

Of course, all of this is speculation at this point, but one thing remains clear: the incoming Biden Administration will likely build upon the work of the last Democratic administration, of which Biden was obviously a part of. This will likely mean increased scrutiny of the financial services sector, with a key emphasis on its impact on the consumer. We expect the industry to respond with increased hiring across all areas including Financial Crime, Advisory, and Surveillance.  

Citations:  

https://www.complianceweek.com/regulatory-policy/bidens-sec-set-to-require-disclosure-of-esg-climate-change-risk/29788.article

https://www.complianceweek.com/regulatory-policy/cfpb-under-biden-will-likely-get-new-director-new-direction/29699.article

https://www.clearyenforcementwatch.com/2020/11/what-to-expect-from-the-biden-administration/

https://fortune.com/2020/11/07/president-biden-business-taxes-unions-regulations-public-option-infrastructure-tariffs-immigration/

https://www.americanbanker.com/news/industry-bristles-at-biden-proposal-for-public-credit-reporting-agency

https://www.cnn.com/2020/11/23/business/janet-yellen-treasury-joe-biden/index.html

11 Nov

As we approach the final weeks of the year, we reflect on how the US hiring market is responding this quarter, in an environment that is quite different from previous years because of Covid-19.

Typically, Q4 of a “normal” year, would see an uptick in hiring activity after the summer slowdown.  Usually in the form of targeted hiring, this is focused on filling leftover headcount or crucial hires before year end.  Then, in the New Year a broader hiring push usually comes in response to post-bonus attrition and new headcount being released.  As to be expected, however, in 2020, the pandemic caused a slowdown in hiring earlier in the year, so we are now seeing an even greater push to fill open headcount in Q4 and make up for lost time during lockdown.    

In Q3 (2020), we placed two Chief Compliance Officers, a Head of KYC, as well as a number of mid-level hires. We are seeing these roles come from independent trading firms, independent RIAs (Registered Investment Advisers), as well as Institutional Asset Managers. As such, the trend we are seeing is that an appetite to hire remains across all sizes of firms. What is also encouraging is the big banks are pressing ahead with hiring, which was not the case earlier this year.  

Just last week, we received word from one of our clients letting us know that there would be a few senior level searches coming live in the next few weeks. An encouraging sign for hiring as we move through Q4.  

If you are in the market for a new position or are a hiring manager looking to make a crucial hire on your team, please get in touch with us today.  

Just in time for the last push for hiring this year, we are announcing our 2020 US Compliance Salary Survey. In this report you will find the salary trends that we are seeing across a variety of different types of financial services firms, and at different levels.

It is a helpful guide if you are looking to benchmark your team, or to make sure that your salary is in line with the rest of the market.  

Please get in touch with us today to receive a copy of the 2020 US Compliance Salary Survey.   

Jordan Locke
Senior Associate, Compliance Practice

Tel: +(1) 212 600 4807
Email: jlocke@danosassociates.com

08 Oct

BIG NEWS

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 MorganFaces a $920m fine for market manipulation. This is the largest fine ever issued for spoofing.

TRENDS IN COMPLIANCE ACROSS THE US

HIRING

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.

THE OUTLOOK

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.

02 Oct

Since the outbreak of the Coronavirus earlier this year, we have experienced a surge in remote interviews and with the ongoing need to maintain social distancing, remote interviews are quickly becoming the norm.

At Danos we have been working hard to support our clients and candidates to adapt to this style of interviewing. Scientists have predicted that coronavirus is here for the long haul, so you may need to take practical steps to make sure your interviews run smoothly.

So how do you conduct effective remote interviews? If you are new to remote interviewing or want to improve your process, please read on, as our New York team share with you some practical tips.

Make the best impression:

  • Dress professionally – even though you may be working from home, dress as if you are going into the office. A jacket and tie may be overkill in some instances, but all video interviews certainly warrant business attire. No T-shirts, hoodies, pajamas! 
  • Be early – make sure you are at your desk and 100% ready to go at least 10 minutes before the interview. This will give you time to settle-in and prepare.
  • It may be tempting to have a lot of notes pulled up on a second screen or below you. Generally, it is smart to have a copy of your resume but try not to have much else. You do not want to be caught looking down or at a second screen for too long.
  • Have a quiet and distraction free interview space – consider the quietest place in your home. A distraction free background is a good way to make an impression. 
  • Eye contact is key in video interviews. Try looking directly at or slightly to the side of the webcam when possible, and especially when addressing the interviewer. Body language is important, and it can be easy to sit there rigidly, but this runs the risk of not seeming engaged. 

Be prepared:


  • Make sure you know the role and understand it to the best of your ability – Particularly show how your experience relates to the role.
  • Ensure you know who you are meeting with and research them – where they are based, what was their career pathway.
  • Best practice is to try a test call/video at least a day before with a colleague, family member, or friend so that you can ensure all issues are ironed out beforehand.
  • Make sure you have good lighting in your room. Do not interview with a window behind you as the light will cast a shadow on your face, making it hard to see. Sit opposite a window to ensure this does not happen. Overhead lighting or desk lighting is recommended as well. If desk lamps are not available, turn the brightness up on your computer screen which will cast good light. 
  • Avoid distractions – Close doors, turn off your phone, tell your household that you are in do-not-disturb mode, and be sure to close all other windows on your web-browser to avoid distractions. Try to be in a quiet, visually neutral location for the duration of the interview.

Have the right technology:


  • Make sure you have the link for the interview, or the call number well in advance.
  • Test internet signal well before the start of the interview to avoid poor connections. Move your modem and router if necessary and if you are in a bigger space, consider investing in Wi-Fi extenders so you are fully covered wherever you plan to take the call.
  • We recommend using headphones during your video/phone interview. This ensures that your voice will be picked up clearly and without interference from your external speaker playback. 
  • Internet speed plays the biggest factor in whether you have a smooth video connection. Most seem to agree that you need at least a 1 Mbps to ensure a good, HD Video connection. You can test your connection by following the link here at https://www.speedtest.net/. Another way to guarantee a smooth connection is by using a wired ethernet connection (if you are using a computer). If a wired connection is not an option, ensure that you are not using any streaming services on your computer or in your household. It is safest to close all programs until after your interview.
  • 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.

If you would like advise on remote interviewing please connect with one of our team members https://www.danosassociates.com/team/ and we will be happy to support you.

Danos Associates New York Team