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thewallstreetexecutive · 9 years ago

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It is getting closer to Thanksgiving and we are Noticing a Significant Change in Hiring

By Jack J. Kelly

Usually, this time of year the weather in New York City starts to get the pre-winter chill in the air and you feel that the holidays are just around the corner. This season it is unusually mild; sometimes global warming has its benefits.

In addition to the changes in weather, business conditions change too. We are entering into a dreaded time of year for recruiters (at least the type A folks)...the sloooow down period.

The time between mid-November and New Years is characterized by companies starting to reevaluate their hiring needs. If a person hasn't already been hired or is nearing the end of their interview phase, it becomes increasingly easier for firms to elect to let the job lapse into the New Year.

The typical interview cycle ranges from one to four months. If a person is to start in 2015, they would need an offer in the next two weeks to satisfy a reasonable two to three week notice period.

Corporate executives are reluctant to buy-out a bonus and have the perspective employee only work one week. It is deemed fiscally prudent to wait until the candidate receives her bonus so that the company saves the costs.

Also at this time, candidates anticipate their yearly review and raise. If the person has not yet realized this increase, it is challenging for companies to bake that "maybe" increase into the offer.

Companies use this opportunity to focus internally on raises, bonuses, and promotions. Unfortunately, this year corporations, particularly big banks, have also enacted tough cost-cutting measures and engaged in significant downsizings.

This year, it seems as if firms are somewhat afraid to pull the trigger and hire at this time. There has been a strong amount of hiring in my space, Compliance, and it appears that is easy for banks to take a breather and wait to see how the new year starts.

Companies also have a wealth of other excuses to forestall hiring including the recent drop in the stock market, the Federal Reserve increasing interest rates, frightening geopolitical events in the middle east, slowdown in growth in China, Europe dealing with a refugee crisis, precipitous drop in commodities and oil prices, tensions with Russia, the terrorist attacks on Paris, and any and everything else to save money and put off hiring.

Uncertainty and fear is always a barrier to hiring. Companies tend to hire more aggressively when they feel good about the economy and general business conditions. Optimism breeds new hiring as companies believe that they need the help to meet future demands. When things look scary, corporations usually hunker down and wait until they see possible improvement.

Do not worry, this cycle always happens. When we are at the holiday season the general mood improves and the hiring cycle begins in earnest again.

#Jack J Kelly #hiring #compliancex #compliance #compliancejobs #wall street

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compliancejobsdotcom · 9 years ago

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#Jobs #Compliance #ComplianceJobs #Hiring #Interview #Resume

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jobdetector · 9 years ago

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Imagine having the power to bring data to life. To take information and turn it into solutions that advance industries, power companies, and improve the lives of millions of consumers around the world. That’s the challenge we take on at Experian in North America. Our team members excel at making businesses and communities stronger through the power of insight. Are you ready to inspire new ways of thinking—and achieve new levels of career success?

#compliancejobs #experianjobs

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compliancejobsdotcom · 10 years ago

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Dirty Little Recruiting Secrets…That Will Help You Get Your Next Job

There is no time like the present to get a jump start your career. Don’t wait for the New Year!

To help you with your career, we have launched a new podcast series entitled, “Dirty Little Recruiting Secrets…That Will Help You Get Your Next Job.”

Goal for podcast series: Utilize my extensive experience and background as an Executive Recruiter to share insider tips and ideas that will help you navigate through the interview process and get the job that you really want.

A podcast a day from now until the beginning of the year will help you with very important aspects of job search.

The podcast series will guide you through the following stages which include:

Deciding whether it is appropriate to leave your current job

Perfecting your LinkedIn profile

Building a Resume

Interview Strategies

Salary Negotiations

Accepting a Job

Please listen to my podcast “Dirty Little Recruting Secrets… The Introduction“

Jack Kelly is the Managing Director and co-founder of The Compliance Search Group. Jack has in excess of one dozen years of recruiting experience placing 1,000 Compliance, Legal and Regulatory professionals nationwide. He is also the founder and publisher of The Compliance Exchange newsletter and blog (the newsletter is emailed daily to over 100,000 professionals globally), and www.ComplianceJobs.com (the leading job posting site for Compliance, Legal, Regulatory, Risk, Audit, and related professionals).

If you have information and would like to talk offline, Contact Jack Kelly. Call: 212-997-3166Email: JKelly@Compliance Search.com

Or connect with Jack on LinkedIn

#dirty little secret #jobs #hiring #interviews #compliancejobs #LinkedIn

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thewallstreetexecutive · 11 years ago

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Our Client, an asset management division of a large financial services firm, is seeking a compliance supervisor to management and supervise a team of 4 to 5 senior associates. The compliance manager will oversee a team of four plus compliance associates engaged in guidelines coding and surveillance, forensic testing, client reporting and other related matters. Responsibilities Management and Supervision of Team •Provide timely and articulate feedback that is actionable in a manner which helps develop team members. •Maintain existing and develop additional procedures to ensure all processes are accurately documented. •Communicate issues to management regarding work, employees or other items that are adversely impacting the team, department or firm. Provide root cause of issue and possible suggestion on solution. Investment Contract Reviews and Guideline Coding •Assist negotiate new investment contracts and amendments with the help of management and legal. •Review Fund and Account contracts including; investment management agreements, investment policy statements, mutual fund prospectus and SAI documents to analysis and interpret necessary restrictions. •Oversee the set-up guideline coding restrictions for new Funds or Accounts. •Assist Client Service by helping resolve and communicate to clients regarding any compliance-related issues. Trading Reviews, Forensic Testing and Expert Networks •Review and enhancement of forensic testing for trade related polices (e.g. allocation of investment opportunities, trade target, etc.). •Point person for follow up and documentation for Portfolio Manager Trade Rejections. •Develop, test and own monitoring for Window Dressing and Portfolio Pumping. •Review Performance Dispersion reporting. •Review reporting to monitor for potential misuse of material non-public information (MNPI) for firm and personal(employee) trading including: •Review and analyze data from the firms’ sell side brokers related to conferences and meetings investment professionals attend with corporate insiders to determine if MNPI was received based on correlation with trading activity. •Review Expert Network meeting logs and analyze for MNPI. Reporting and Other •Assist in client reporting, due diligence questionnaires and providing information for RFPs. •Back up to post trade conflict reviews for Side by Side Monitoring of the alternative strategies. •Perform daily compliance oversight by analyzing and validating exceptions to detail situation and document required actions. •Participation in other firm projects as relevant. Requirements: •At least a Bachelor’s Degree in Finance related areas. •At least 3 years’ experience managing a team of 3 or more employees. •At least 8 years in the financial services industry, preferably with an investment management firm or hedge fund. •Experience with trading, compliance and accounting systems such as Line data, Latent Zero or Charles River and Eagle. •Experience with Microsoft office products and industry products such as Bloomberg and Factset. •Strong ability to provide performance feedback and articulate actionable advice to help develop team. •Strong ability to develop effective working relationships with investment staff and make articulate recommendations to department managers regarding potential solutions to issues. •Ability to independently research details in order to perform a thorough analysis. •Ability to multi-task, work independently with minimal supervision, under extreme high pressure, with short notice, in a fast paced environment and adjust the priority of assignments to meet deadlines. •Highly motivated and dedicated. •Energized by a fast-paced environment that is research oriented and places emphasis on the importance of personal accountability while fostering a stimulating and enjoyable working environment. •Excellent conceptual ability to quickly learn and apply new concepts to different situations and drive projects to completion with minimal supervision. •Maintaining or a desire to attain a CFA designation or CAIA certification is beneficial. To apply please submit resumes to Jack [email protected]

#Jobs #ComplianceJobs #Wall Street #Recruiting #Career #Compliance #CompliancEX #Compliance Search #The Wall Street Executive #Finance #Financial

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thewallstreetexecutive · 11 years ago

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JPMorgan deal with DoJ could collapse

The proposed $13 billion settlement between the U.S. Department of Justice and JPMorgan Chase & Co (JPM) is at risk of collapse, the Wall Street Journal reported on Tuesday, citing sources familiar with the matter.

The Journal said fights over separate criminal charges and insurance could scuttle the deal, but that talks were ongoing as of Tuesday afternoon.

The paper had previously reported that JPMorgan wanted to recover any portion of the deal related to Washington Mutual bonds from a pool of funds for that bank's creditors at the Federal Deposit Insurance Corp.

That, the paper said, set up the prospect of the FDIC-a federal agency-effectively funding part of JPMorgan's settlement with the government.

For the full WSJ story, click here.

http://finance.yahoo.com/news/jpmorgan-deal-doj-could-collapse-172841087.html

#ComplianceX #Compliance #ComplianceJobs #JP Morgan

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thewallstreetexecutive · 11 years ago

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Friday Morning Compliance News RoundUp

The Financial Industry Regulatory Authority is investigating whether high-frequency traders have established controls to ensure their algorithms don’t malfunction and cause broader harm to markets.

Finra sent letters this week to about 10 trading firms asking nine detailed questions about how they use and deploy algorithms, according to George Smaragdis, a spokesman for the U.S. brokerage industry’s self-regulator. Finra had expressed concern about how firms supervise trading algorithms after Knight Capital Group Inc. bombarded exchanges in August with mistaken orders that cost the company $400 million.

The examination, described in a letter on Finra’s website, as part of an effort to explore technology controls more deeply, according to exam priorities the Washington-based regulator published in January. Finra asks firms in the letter to disclose whether they use kill switches to halt individual algorithms and under what conditions they would shut off trading.

“In light of several high-profile algorithmic trading failures that caused significant market disruption in 2012, Finra continues to be concerned about how firms are supervising the development of algorithms and trading systems,” the regulator said in a document laying out examination priorities for this year.

Compliance Policy

Top Senate, House Tax Writers Predict Passage of Code Rewrite

A tax code rewrite has a greater than 50 percent chance of passing, said Senate Finance Committee Chairman Max Baucus, a Democrat from Montana, and House Ways and Means Committee Chairman Dave Camp, a Republican from Michigan.

Speaking at an Economic Club luncheon in Washington, Camp said the bill would probably start first in the House. Baucus said “tactics” concerning its passage haven’t been decided.

Camp has released draft legislation on international taxation, small businesses and financial products. Baucus has begun a series of closed-door committee meetings on rewrites.

Compliance Action

Morgan Stanley Says Leverage Ratio Missed Proposed Minimum

Morgan Stanley (MS), owner of the world’s largest brokerage, said it fell short of a minimumleverage ratio proposed by U.S. regulators last week that measures a firm’s ability to withstand losses.

The company’s supplementary leverage ratio, a gauge of capital to total assets, was 4.2 percent in the second quarter, below the proposed 5 percent minimum, Chief Financial Officer Ruth Porat said on a conference call with analysts yesterday. The ratio at Morgan Stanley’s deposit-taking bank subsidiary was above the proposed 6 percent minimum, she said.

Morgan Stanley will exceed both requirements by 2015, Porat said. The company announced plans earlier in the day yesterday to buy back $500 million in stock, and Porat said the firm’s plan to reach 5 percent by 2015 includes further capital returns to shareholders.

While banks would have more than four years to comply, lenders may have to retain some capital to meet the requirements that they otherwise could pay out through dividends or share repurchases. Chief Executive Officer James Gorman has said his plan to boost return on equity to 10 percent by next year depends on regulators allowing the firm to return a “reasonable” amount of capital to shareholders.

Courts

South Korea Indicts Chaebol Head in Tax Evasion Crackdown

Seoul prosecutors indicted the head of CJ Group, a South Korean food and entertainment group, for tax evasion and embezzlement as part of a government drive to crack down on corporate crime.

Lee Jay Hyun, the 53-year-old chairman of the group, was charged yesterday after an investigation that started in May, according to the prosecutors. The group is the country’s 14th-largest chaebol, the conglomerates that dominate South Korea’s economy.

President Park Geun Hye pledged to crack down on tax evasion and the country’s tax agency began 23 separate investigations in May.

Lee avoided 54.6 billion won ($49 million) in taxes and misappropriated 96.3 billion won in company assets, the Seoul Central District Prosecutors’ Office said in a statement yesterday. Lee had used a CJ Group unit to provide collateral and guarantees for property purchases in Japan, according to the statement.

Dow Loses Appeal of $84.5 Million Fine in Rubber Cartel Case

Dow Chemical Co. (DOW) failed to overturn a 64.6 million-euro ($84.5 million) antitrust fine in a rubber cartel after a European Union court rejected arguments that it shouldn’t be liable for the actions of subsidiaries more than 10 years ago.

The EU Court of Justice in Luxembourg rejected the appeal in a ruling yesterday.

The commission, the 27-nation EU’s antitrust regulator, in November 2006 fined five companies 519 million euros for rigging prices of synthetic rubber in a cartel that lasted from at least 1996 to 2002. Bayer AG escaped a fine after it tipped off the EU about the cartel.

Dow said in a statement that it didn’t participate in any of the wrongful conduct and that it was disappointed with the ruling.

The case is: C-499/11 P, Dow Chemical and Others v. Commission

Goldman Sachs Witness Says Tourre Didn’t Disclose Paulson Role

The Goldman Sachs Group Inc. (GS) employee who ran the firm’s mortgage correlation trading desk testified that Fabrice Tourre failed to tell investors about the role of Paulson & Co. in the deal at the center of the U.S. Securities and Exchange Commission’s fraud case against him.

The SEC sued Tourre and Goldman Sachs in 2010 over the transaction. Paulson, run by billionaire John Paulson, used the deal to bet against mortgage-backed securities. Investors on the other side of the bet lost more than $1 billion. New York-based Goldman Sachs paid a then-record $550 million to settle the case.

Jonathan Egol, now a Goldman Sachs managing director, told jurors in Manhattan federal court yesterday that he is “not aware of any” disclosures to investors that Paulson, a New York hedge fund, helped select the mortgage-backed assets underlying Abacus 2007-AC1, a synthetic collateralized debt obligation.

Egol said Tourre did make sure to tell a superior that Paulson helped pick the portfolio of 90 subprime mortgage-backed securities when Goldman’s money was at risk.

The SEC sued Tourre after dropping a plan to file claims against Egol, according to interviews with SEC enforcement staff conducted by the agency’s inspector general, which were made available to Bloomberg News through a Freedom of Information Act request. Egol testified July 17 that Tourre was the Goldman Sachs employee primarily responsible for the Abacus transaction.

Earlier this week, SEC lawyer Matthew Martens found himself sparring with his own witness,Paolo Pellegrini, 56, a former Paulson executive who claimed the agency intimidated and tricked him in its investigation into the deal at the heart of its civil fraud case against Tourre.

At one point Pellegrini disavowed testimony he’d given in a 2008 deposition, in which he said he didn’t recall telling a key participant in the transaction that Paulson planned to take a short position. Pellegrini said he thought he was being tricked at the deposition and was scared.

Later, with the jury and the witness outside the courtroom, Martens told U.S. District Judge Katherine Forrest that Pellegrini’s claims of being scared at the deposition were “garbage” and “utter nonsense.”

The case is SEC v. Tourre, 10-cv-03229, U.S. District Court, Southern District of New York (Manhattan).

Interviews

Isaac Says U.S. ‘Needs’ Big Banks to Compete Globally

William Isaac, chairman of Fifth Third Bancorp (FITB) and a former chairman of the Federal Deposit Insurance Corp., talked about the outlook for U.S. banks and financial regulation.

Isaac spoke with Tom Keene, Sara Eisen, Scarlet Fu and Joshua Green on Bloomberg Television’s “Surveillance.”

Bernanke Testifies on Economy, Policy to Senate Panel

Federal Reserve Chairman Ben S. Bernanke delivered his semi-annual report on the U.S. economy and the central bank’s monetary policy before the Senate Banking Committee in Washington.

In wide-ranging remarks, Bernanke touched on topics including quantitative easing, the U.S. housing market, the Volcker rule, too-big-to-fail banks, financial regulation and the Basel III accords.

For the video, click here.

Levitt Says White House Soft on Financial Regulation

Arthur Levitt, former chairman of the Securities and Exchange Commission, discussed the Obama Administration’s role in financial regulation. Levitt talked with Bloomberg’s Tom Keene and Michael McKee on Bloomberg Radio’s “Bloomberg Surveillance.”

Gorman Says He’s Encouraged by Merrill’s Higher Margin

James Gorman, chief executive officer at Morgan Stanley, talked about his company’s second-quarter profit, banking regulation and Federal Reserve policy.

He spoke with Erik Schatzker on Bloomberg Television’s “Market Makers.”

Comings and Goings

SEC Nominees Stein, Piwowar Approved by Senate Banking Committee

The U.S. Senate Banking Committee approved the nominations of Michael Piwowar and Kara M. Stein to be members of the Securities and Exchange Commission.

The committee approved the nominees by voice vote yesterday along with a full five-year term for SEC Chairman Mary Jo White, who is currently serving the remainder of a term vacated by her predecessor Mary Schapiro. The nominations now move to the full Senate, where they may be approved before lawmakers leave for the August Congressional recess.

Stein and Piwowar would join the SEC as it adapts to a new agenda under White, who says the agency’s rulemaking priorities are prescribed by the Dodd-Frank Act of 2010 and the Jumpstart Our Business Startups Act of 2012.

Stein, 49, would replace Elisse B. Walter as a Democratic commissioner and Piwowar, 45, would succeed Troy A. Paredes as a Republican appointee on the five-member commission.

http://www.bloomberg.com/news/2013-07-19/finra-trader-probe-morgan-ratio-dow-cartel-compliance.html

#Compliance #ComplianceX #Compliance News #Compliance Search #ComplianceJobs

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thewallstreetexecutive · 11 years ago

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Nearly Half of CCOs Say Incentives Hurt Compliance

More than 40% of the chief compliance officers polled for a recent survey said their companies’ performance appraisals and employee incentive programs ran contrary to compliance and ethics standards.

The survey, released Wednesday by the Consero Group, found that 43% of chief compliance officers felt their employers’ incentive programs didn't “positively support compliance and integrity objectives.” Three quarters of the CCOs, or 75%, also said that educating employees on compliance issues and regulatory trends was their biggest priority.

“CCOs have their hands full familiarizing employees with ever-changing rules, and they need to leverage incentives that support their efforts,” Paul Mandell, Consero’s chief executive, said in a news release. “These findings indicate that the task of matching incentives to desired employee behavior requires greater focus in the remainder of 2013 and beyond.”

The survey, which posed 15 questions to CCOs at multinational companies in March, also found that 72% of CCOs believed the role of chief compliance officer should not also be held by a company’s general counsel. A previous survey by Consero found that 60% of European general counsel also felt the roles should be separated.

Other findings from Wednesday’s survey include:

63% had 10 or fewer employees reporting to them, and 54% reported either no change or a decrease in their department’s staff from 2012.

57% reported budgets higher than 1 million euros, and 47% said their budgets increased from 2012 to 2013.

83% said they have a sufficient level of access to their CEOs, and 80% stated they have satisfactory access to their boards of directors.

80% said it was “important” or “extremely important” for their companies to work with ethical third-party suppliers.

28% responded that they don’t have sufficient resources to manage their compliance programs effectively, and 45% felt that their departments lacked adequate knowledge of relevant foreign regulatory requirements that affect their businesses.

55 %of CCOs reported salaries of 175,000 euros or more

Source: Wall Street Journal

http://consero.com/2013-global-compliance-ethics-survey/

#Compliance #ComplianceX #ComplianceJobs

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