There are various indications today that compliance is the career of the moment.
In the first place, City Am has some figures from Robert Half suggesting that compliance professionals are in line for an average salary increase of 7.1% and will soon be earning salaries of £100k.
In the second place, a new research report from BDO and DLA Piper suggests that banks will need to increased compliance headcount by 40-50% in the coming years to cope with coming regulatory developments. Banks don't seem to have reached this realisation yet, however: BDO and DLA Piper surveyed 350 financial services firms; only 59% of them said they planned alterations to compliance headcount in 2013.
Separately, there's bad news for bankers hoping to be the life and soul of any coming Christmas parties. Anshu Jain himself has suggested that he is shunned at non-banking social events. ""If you go to a party these days, you’re asked what you do and you say you’re a banker, people go all quiet,” he told a banking conference yesterday. Maybe it's a good thing therefore that banking takes over your life. Working on Wall Street is “a full life commitment, and without access to social media or personal e-mail it can often feel like nothing exists outside of work,” one JPMorgan Chase analyst told Dealbook yesterday.
"Being a trader involves trying to beat the market on a level playing field without any fee cushions, where age and qualifications don’t matter; where there is a fight between you and the market which, without a strong trading process and risk control, can never be won; and where commitment is 24/7 and sleepless nights rule your life and never stop, no matter how successful the past has been."(Lex Van Dam in the FT)
Judge to Adoboli: “You are highly intelligent. You are plainly very articulate. As I told the jury, you appear to have a considerable amount of charm.” (Bloomberg)
In the UK, UBS is being fined another £50m for Adoboli shortcomings. In Switzerland, it’s being forced to accept stricter supervisory measures. (Financial Times)
Barclays is still deeply committed to the metals market, but has withdrawn from the LME floor to trade on screens. (Bloomberg)
Brevan Howard is on a hiring spree in New York. (Bloomberg)
Nassin Taleb vs. FTAlphaville. (Alphaville)
New M&A boutique in New York and Mumbai focused on the finance sector. (Investment Europe)
George Osborne to increase the bank levy, maybe even introduce a new bonus tax. (Sky)
The Swiss will be voting on whether to scrap tax breaks for the very rich. (Telegraph)