Reuters reports that tough regulations aimed at banks have jolted demand for compliance, risk and legal officers, creating one of the few bright spots in an otherwise dismal job market for the financial industry.
Traditionally one of the least glamorous jobs in the sector, these staff are in hot demand at a time when nearly all other parts of the banking industry are getting cut.
Adverts for risk jobs in Asia have rise 22% this year, and an Ernst & Young survey shows European asset managers increased their compliance staff by an average of 8% this year.
The regulation explosion, along with a string of high profile scandals, means banks and fund managers are setting aside more money to improve their compliance and risk functions, which includes spending on risk technology and financial fraud detection systems.
'The market for risk and legal professionals is hot right now and competition for quality staff means that base salaries are heading north', one banker told Here Is The City. 'And risk and legal professionals are being treated more seriously by firms - in the past, many firms hired these staff as they had to. Now they are coming to realise the value they bring in and of themselves,' he continued.
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image: © Jake Barnes