When Citi paid comparatively poor bonuses to its junior bankers for 2021, some of those grumbling about their payments seized upon a potential reason for the bank's parsimony: Citi has been spending heavily on strengthening its compliance and control functions. A new piece of research makes the outcome of this spending clear.
Research by recruiters Morgan McKinley and data analytics firm Vacancysoft suggests that Citi posted 918 risk and compliance vacancies in the UK alone last year, up from 497 in 2020 and just 161 in 2019. Last year's vacancies in the areas at Citi were 87% more plentiful than at JPMorgan, which the research says posted the second-biggest number of UK risk and compliance roles in 2021.
Two months into 2022, Citi remains London's big compliance hirer, with an apparent 72 vacancies compared to 54 at Barclays and 32 at JPM.
Citi was fined $400m for its failure to correct “longstanding deficiencies” in its risk and control systems in late 2020 and instructed to upgrade both its processes and its technology. The bank has subsequently invested over $1bn to improve risk management and compliance and appears to have been hiring commensurate to that. In late 2020, for example, it hired Karen Peetz, a former president of BNY Mellon, to strengthen its data architecture.
Morgan McKinley and Vacancysoft say Citi wasn't alone in hiring for risk and compliance last year. Across the market, vacancies in London rose 98%.
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