Risk & compliance staff find themselves unexpectedly susceptible as bank cuts jobs
It's usually the case that risk, compliance and controls professionals are comparatively safe when investment banks cut jobs. Macquarie's London control staff are seemingly finding themselves the exception.
Sources at the Australian bank say Macquarie has put a large number of risk and compliance staff at risk in its London office, many of whom were hired in the past few years.
Macquarie, which reports its full year results at the end of March, declined to comment. It's thought that the cuts are related to a cost-cutting initiative as functions are centralized in Australia.
Insiders say many of those being let go are "overall good people," who were "event organisers, workshop facilitators, wellbeing ambassadors, and fundraisers" alongside their day jobs.
Although Citi is making 20,000 job cuts, its compliance and controls staff are thought to be relatively immune. The bank has said it intends to keep investing in these areas even as it cuts staff elsewhere.
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