Banks are finally beginning to recruit for regulatory tech roles

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Banks are allocating more of their IT budgets to regulatory driven projects, but so far this year they've still been reticent to hire externally to deal with this increased workload. This is beginning to change.

Dodd-Frank alone is likely to require huge investments in technology solutions, according to speakers at the recent SIFMA technology conference in New York.

However, chief technology officers told us on the sidelines of the event that they're simply going to redeploy internal resources for this work, rather than recruit more technologists.

Investment banks in Europe are also battling with the likes of Basel III and MiFID II, both of which will present significant data challenges, as well as increased monitoring from the FSA. Firms in London are finally coming to the realisation that they might have to bolster their tech teams.

Firstly there's the activity in the contract market. According to one financial technology recruiter focused on the contract space, the last two months have seen an influx of roles for business analysts and project managers for regulatory IT initiatives.

But permanent positions are also emerging, says Dean Looney, head of development and architecture at Twenty Recruitment.

"Some senior technologists have moved across from front office roles to lead priority regulatory projects and banks are now beginning to recruit externally as they build these teams," he says. "We're now seeing roles for developers, data architects and change managers."

At the moment, however, these teams are still relatively small. Looney says that they range from 5-6 people to a maximum size of 20 within the larger banks.

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