Global banks look at large scale hiring

Global banks look at large scale hiring

With regulators getting more stringent about banking norms, large global banks are looking at large-scale hiring of mid-to-senior-level professionals in functions such as risk, audit, compliance and legal over the next 12 to 18 months.

Large global banks are targeting to increase their teams by 20% to 30% in legal and compliance and 30% to 40% in audit and control, according to a study by Vito India Advisors, a BFSI executive search firm. According to the survey, there are currently over 240 legal and compliance professionals across 36 global banks in India .

“With global regulatory norms getting more stringent, unique functions like risk-based supervision, privacy compliance, regulatory affairs are triggering the demand for additional compliance professionals,” says Dhvani Anjaria, support hiring specialist at Vito India Advisors.

“It is no longer about just remaining compliant. It is more about doing the right things and that’s what the MNC banks and investment banks are looking at now. This is leading to a demand for professionals in sectors such risk, audit, compliance and legal,” says the HR head of a large global bank, on condition of anonymity.

“There is a need for a culture change within the banking sector and hence global banks are focusing on strengthening their compliance structure in order to sustainably do business,” the HR head said. Some of the banks that have made mid-to-senior-level hires in compliance in the past 12 months include ANZ, Bank of America, Deutsche Bank, while the ones that have made senior-level lateral hires in legal in the past 12 months include BNP, Citi and HSBC, according to the study.

These banks are focusing on building teams in monitoring and surveillance and riskbased supervision roles.

Some of the global players that have made senior hires in legal and compliance in the past one year include Westpac, SMBC and NAB, among others.

Cost to company (CTC) payouts in compliance and legal have been as competitive as front office functions. CTC payouts among global players in compliance have increased at least by 30% to 50% from 2012 to 2014, the study shows. With setting up one branch banks of global entrants they have picked up talent from well established global players at 40% to 50% increment on their present salary.

“In order to support business growth and align to the changing economic and regulatory environment, it is imperative to ensure our finance, legal, compliance, audit and HR functions are staffed optimally,” says Sarab Preet Singh, head of recruitment, learning & talent, Citi India.

Given the changes in the industry, there has been an increased focus on risk, compliance and control-related aspects, leading to a greater degree of specialisation within each function, he said, adding, “There have been several internal movements of our talent from frontline businesses into these core functions.”

In the audit function, the spotlight is turning to India as the new regional hub. Large global banks are targeting to increase their audit teams by 30% to 40%, according to the study. There are currently about 225 plus audit professionals across 36 global banks in India. Some of the key hires in audit were seen in BNP, DB, Barclays, HSBC, Citi, among others, according to Vito.

A lot of global banks have moved to a centralised internal audit model wherein regional audit teams are now housed in India due to cost effectiveness and skilled talent. Earlier this was done out of Singapore and Hong Kong.

Also, there has been increasing demand for IT auditors within banks. This has led to a growth in audit roles as well. “In the next 12 to 15 months, we foresee a healthy demand for professionals having regulatory reporting, treasury finance, technology and internal audit along with compliance roles,” says Anjaria.

“There is a thrust to build audit strength of these banks. And given the fact that significant audit talent is available here and can help in other locations of these global entities, there is a rise in demand for such talent,” said the HR head of a large global bank who did not wish to be named.

He says, increasingly, global banks are reviewing their existing audit framework and looking at processes more proactively. Hence there is considerable demand for people who can look at metrics around controls in order to remain compliant.

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