Europe Banks on Hiring Spree

Europe’s regulators are competing to hire risk specialists to prepare for an influx of banks escaping Brexit, nudging up salaries and stretching staff budgets, Reuters reported. Wall Street giants Goldman Sachs, Citigroup and Morgan Stanley, which have big operations in London, intend to expand in the European Union after Britain’s departure. Germany’s financial regulator, Bafin and the French and Irish central banks intend to hire dozens of new recruits in the coming year, according to officials. The European Central Bank, which has overall responsibility for supervising banks, is also seeking new staff. But filling such positions is difficult, partly because risk specialists are in hot demand and budgets of public institutions are limited. “We are seeing a lot more competition in hiring people for risk, in both the public sector and the private sector,” said Nigel David, a head-hunter at Charles Levick in London. “You are seeing salaries shoot up.” The Ireland central bank recently approved the creation of 26 new posts to deal with the “increased workload post the Brexit referendum”.