Banks trim compliance staff as penalties abate
Dwindling revenue necessitates the use of technology to control costs at departments in banks that were once protected from cuts
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London
GLOBAL banks are paring back staff tasked with detecting wrongdoing for the first time since the financial crisis, ending a hiring boom that accompanied US$321 billion in fines, as technology replaces employees and penalties wane.
Royal Bank of Scotland Group Plc is preparing to eliminate as many as 2,000 jobs checking new customers for suspicious traits as it digitises the process. Other lenders are also replacing compliance staff with computers as they face pressure to cut costs, including UBS Group AG, according to a person familiar with the matter, who asked not to be identified because the matter is private.
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