Investment banking is under huge regulatory scrutiny in the wake of last year’s Libor-fixing scandal and the jailing of former UBS trader Kweku Adoboli who lost the bank £1.4bn. Banks also have to comply with anti-money laundering and sanctions rules while meeting important regulatory deadlines for Basel III, the Foreign Account Tax Compliance Act, the Dodd-Frank Act and the Markets in Financial Instruments Directive (MiFID2).
Retail banking is undergoing a period of massive change as a result of the major divestment programmes taking place in the sector. With banks that were bailed out by the taxpayer looking to shed debt, there have been some high-profile deals involving the sales of hundreds of branches. Project and change professionals are being recruited in large numbers to support these divestments.
Several large transformation programmes are taking place within the investment management industry related to refreshing and upgrading front and back office systems and switching outsourcing suppliers. In addition, a number of projects focused on client reporting and data management are underway and firms also have regulation to comply with. This includes the Markets in Financial Instruments Directive (MiFID2) and Regulation (MiFIR), the European Market and Infrastructure Regulation (EMIR) and the Retail Distribution Review.