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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
Compliance Officers Migrating Out Of New York City
Buoyed by recent record profits from trading and investment banking, Wall Street firms are now looking to wring further profits from another side of the business – compliance.
According to The New York Post, Wall Street firms have been migrating their compliance personnel away from New York City, while hiring less expensive compliance officers and back office employees in such ‘remote’ cities as Buffalo (NY) and Salt Lake City, as well as in foreign countries like Poland. A large number for compliance folk have also been relocated to New Jersey destinations, like Jersey City (just across the Hudson) and Whippany (about an hour’s drive from New York, on a good day).
This shift, combined with a relaxation of regulatory requirements, has led to expressions of concern about a ‘brain drain’ in the banks’ ability to oversee their operations.
While the ‘accordion effect’, characterized by alternating periods of hiring and terminations, is nothing new to Wall Street, something seems different this go-around. The dispersion of talent, along with the exodus of talent from New York City, may prove to be irreversible.