Banks Trimming Compliance Staff as US$321 bn in Fines Abate

According to data from Boston Consulting Group, banks have paid US$321 bn in fines globally for regulatory failings since 2008. Head of UK financial services at executive-search firm Odgers Berndtson, Anne Murphy said, “The overall number of people in compliance is absolutely reducing. Banks are better able to deal with regulatory requirements. They’ll always need people to provide judgment, but a lot of monitoring and surveillance activity can be automated.” Royal Bank of Scotland Group Plc is planning to reduce about 2000 jobs. Other lenders are substituting compliance staff with computers.