Europe's bank regulators on expensive hiring binge ahead of Brexit

Europe's regulators are competing to hire risk specialists to prepare for an influx of banks escaping Brexit, nudging up salaries and stretching staff budgets.

Wall Street giants Goldman Sachs, Citigroup and Morgan Stanley, which have big operations in London, intend to expand in the European Union after Britain's departure.

Germany's financial regulator, Bafin, and the French and Irish central banks intend to hire dozens of new recruits in the coming year, according to officials.

The European Central Bank, which has overall responsibility for supervising banks, is also seeking new staff.

But filling such positions is difficult, partly because risk specialists are in hot demand and budgets of public institutions are limited.

"We are seeing a lot more competition in hiring people for risk, in both the public sector and the private sector," said Nigel David, a head-hunter at Charles Levick in London. "You are seeing salaries shoot up."

Ireland's central bank said late last year it had set a target of boosting staff numbers this year by almost 10 percent, or 170 people, in part to cope with Brexit.
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