The European Central Bank (ECB) will have a dramatically different job description when it assumes its role as the supervisor of the Eurozone’s banking union in early 2014. It’ll also have a dramatically larger payroll.
A report commissioned by ECB President Mario Draghi recommends the central bank hire roughly 2,000 new employees to handle the new workload, more than doubling its current 1,600-person staff, according to the Financial Times.
The fact that the ECB will add staffers isn’t surprising, as the Frankfurt, Germany-based bank will soon oversee 6,000 European banks, with direct supervision over 200 of the area’s largest lenders. But the 2,000-employee estimate is a bit shocking, and a big win for regulatory and compliance professionals across Europe.
Before contracting the report, ECB execs had estimated that they would need to bring on only around 500 new staffers. Even if the central bank doesn’t add the full 2,000 jobs, it will likely need to bring on more talent than the initial estimate called for following the issuance of the report, which hasn’t been made public.
While the ECB has yet to comment on when it will begin adding talent, expect the process to begin sooner rather than later. Pundits and bank officials alike have been quick to point out that the ECB is currently rather ill-prepared to manage Europe’s new banking union.
The U.K. and Germany may soon follow in the footsteps of the U.S. by implementing their own versions of the Volcker rule in an effort to reign in proprietary trading.
Good traders are highly susceptible to becoming chronic gamblers, in part due to their inflated confidence that they will always make money.
Barclays Finance Director Chris Lucas and General Counsel Mark Harding will each retire from the firm once successors are named. The two men were all that remained from the management team led by former Chief Executive Bob Diamond.
Deutsche Bank will cap non-deferred bonuses at $407,340 for 2012, a 33% increase from the previous year.
Jefferies Chief Executive Officer Richard Handler got handed a massive bonus for his last year of work. While it’s good for him, it could negatively affect the firm’s credit rating.
Goldman Sachs needs to be “busted up into smaller pieces,” according to Michael Lewis, the former Solomon Brothers employee who penned Liar’s Poker.
Nearly three out of four BlackRock employees report loving their jobs – a pretty tall number for a financial firm.
Citigroup and Knight Capital have indicated that they intend to add headcount in equities and M&A.
Buzz Around the Office
John Lennon was famous for, among other things, his love of peace and harmony. It comes with a touch of irony then that people named after him are getting arrested on nearly a daily basis, often for less than harmonious reasons.
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