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With Compliance Hiring Spree Comes Training Headaches for Banks
By Brian Monroe
printA hiring spate by some of the largest banks facing a variety of regulatory pressures has resulted in more than just a glut of compliance officers. It's been a training headache too. Since January, JPMorgan Chase & Co., Citigroup Inc., HSBC Holdings Plc and Standard Chartered Bank have hired at least 3,800 compliance staffers collectively in an effort to resolve regulatory demands. The staffers have been tasked with improving lending practices, trading policies and anti-money laundering (AML) controls, among other issues. One of the financial institutions has been "hiring anyone who can breathe," said a Bank Secrecy Act compliance officer...
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