The Rise of Compliance

Though bigwigs like JPMorgan Chase CEO Jamie Dimon consider them antithetical to “actual business,” the rise in demand for compliance personnel is undeniable, Anthony Effinger writes for Bloomberg. Dimon’s firm has hired more than 8,000 compliance and control people since the 2008 financial crisis, a trend that is present throughout the business world as public perception and regulations have pressured firms to act more responsibly. And JPMorgan is a good example of why compliance is a fast-growing career field: the banking giant has paid a total of $36 billion in fines since the financial crisis for selling “toxic” mortgage securities, failing to report questionable activity from Ponzi schemer Bernard Madoff, and colluding to rig foreign-exchange rates. While there’s some unique upside for compliance workers (like the millions of dollars the SEC is willing to give compliance professionals who blow the whistle on their own companies), the risk is substantial. Compliance experts can be held personally responsible for lapses in their programs.