Wednesday, November 5, 2008

Compliance Jobs and Bonuses Resilient...Regulatory Climate change

WSJ today "Business Braces for Cooler Climate" more on this and Obamanomics below.

Compliance Jobs and Bonuses Resilient
"It depends on the firm, but we're hearing that bonuses at some bulge bracket firms might be better than initially expected," adds Stuart Rosenthal, vice president of compliance recruiting at Legend Global Search, a New York-based firm that specializes in placing compliance and legal professionals. "The bonuses may be down 25 percent or 30 percent from last year. They're not earth shattering, but in some cases they could be fairly good."
At least one sector of finance is experiencing continued demand and relative security in total compensation: compliance. Compliance professionals at all levels will likely be "somewhat insulated."

According to Rosenthal, a typical mid-level compliance officer at a large or medium-sized institution probably makes a salary in the "mid-100s," and can expect a bonus in a good year of about 100 percent of salary. In this market environment, it won't be 100 percent. While compliance professionals at the hardest-hit firms - like Morgan Stanley or Merrill Lynch, or the Lehman employees who were retained by Barclays - don't expect much, Rosenthal says those at other firms may fare reasonably well.

"There are even open positions in compliance," says Rosenthal, noting there are numerous active searches. He sees a number of top firms hiring where they have "special needs." Some firms with open positions are waiting to fill them or being very discriminating, looking at a wide number of candidates in an effort to fill the roles at compensation levels under stated budgets.

Job openings exist in range of compliance specializations, including hedge funds, funds of funds, portfolio compliance and bank compliance. More at EFinancial

Washington likely to usher in more than just tighter financial regulation

WSJ today "Business Braces for Cooler Climate"...GE, with interests in a wide array of sectors, including financial, energy, electronics and health care, could be hurt by government efforts to exert more control over commerce. It also could be helped by more regulations. "If you think we won't get more regulation in places other than financial services, you're nuts," GE CEO Jeffrey Immelt told students at Columbia last month. "We'll get more regulation in health care, energy and other areas."Mr. Immelt says the heightened regulation "could be a catalyst for positive change....It doesn't have to be a negative."

Obamanomics: After pouring money into Obama campaign, what can hedge funds and their executives expect from the new president? Article from FINAlternatives>> In victory speech, Obama again suggested that Wall Street fortunes strayed too far from the rest of the country’s.

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