UK Sell Side Compliance & Financial Crime Market Trends
For the Compliance and Financial Crime teams at the largest global banking groups, 2023 was a year of change the likes of which we haven’t witnessed in almost a decade. The year started with the merger of UBS and Credit Suisse and continued into the summer with significant structural changes announced at Citigroup. Compliance and Financial Crime teams were not immune to those changes, with redundancies happening at all levels.
Throughout 2023 we saw significant changes at the Chief Compliance Officer (CCO) level, with Barclays, Deutsche Bank, HSBC, Morgan Stanley, and Nomura all making changes to their CCOs, bringing the inevitable shake-up of their senior management teams that follows such moves. 2023 saw an ongoing rise in base salaries at the mid- to senior-level, with firms looking to increase the fixed aspects of compensation over variable. In particular, we have seen significantly more Executive Director or Director level candidates with team management responsibility having base salaries in excess of £200k.
At the Vice President level and below, we have seen continued high turnover across all areas of Compliance and Financial Crime Compliance. More junior candidates affected by the cost-of-living crisis, are very happy to change roles every 12 months to continue increasing their base salary, or to move to firms offering greater flexibility and hybrid working.
We predict that 2024 will see firms looking to embed their new structures and senior management teams in the early part of the year, before starting to make any incremental hiring decisions.
As always, in this sector, specific skill sets are always in demand, and with 2023 being the lowest year for regulatory fines, it is only a matter of time before global regulators start to focus their attention back on the sell side.
For tailored solutions to your hiring needs in the current UK Sell Side Compliance & Financial Crime market, contact Denis today. His expertise and insights can guide you through navigating the current landscape and securing the right talent for your team.
Denis Spearman
Managing Director, Head of Compliance & Financial Crime, EMEA
T: +44 (0) 20 7371 8332 E: dspearman@thedanosgroup.com
