City Jobs Index highlights
- The number of compliance roles in the City is up 17% compared to October last year
- The number of compliance vacancies also grew 13% compared to September 2015
The results of the Robert Walters City Jobs Index1, which tracks the number of jobs available and candidates seeking jobs in the City of London month-by-month, show that in October the number of compliance candidates rose by 17% compared to the same time last year and by 13% compared to September.
Despite demand for compliance professionals traditionally remaining steady in the fourth quarter fourth quarter, the rise in the number of roles in October this year reflects the initiative among banks to establish new compliance teams to ensure quality assurance.
Chad Lawson, Robert Walters Associate Director, Compliance Recruitment, comments:
“Compliance hiring has been a priority for banks and financial institutions throughout 2015. Pressure from regulators, the media and the public has served to reinforce a cultural change in banks following the financial crisis, with increased emphasis on quality assurance in products and services provided to customers.”
“While this trend has been well established, what is more surprising is that we are still seeing new roles being created late in the year, with banks establishing brand new teams not only to comply with regulations due to come into force in 2016, but to add additional layers of security and oversight above and beyond these requirements.”
“The decision by banks to invest in additional layers of protection reflects the change in perspective where ‘saving money’ through avoiding fines for non-compliance has become as important a part of strategy as ‘making money’ through traditional operations.”
“It seems likely that this trend will continue next year, as scrutiny of the banking industry remains high. Compliance professionals can therefore expect a strong jobs market, with those possessing skills in high demand able to command high salaries and bonuses.”
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