Banks' Compliance Teams Shrink as Fines Decline

The video discusses the evolution of compliance in the banking industry, highlighting the reduction of compliance staff due to technological advancements. It covers the significant fines banks have faced since 2008 and the substantial investments in compliance and technology. The impact of Brexit and potential regulatory changes in the US are also explored, emphasizing the dynamic nature of compliance in the banking sector.

What has been a major factor in reducing compliance staff in banks?

• Increased hiring of legal experts

• End of large fines and technological advancements

• Decrease in banking regulations

• Expansion of banking operations

How much have banks spent on fines since the 2008 crisis?

• $100 billion

• $400 billion

• $200 billion

• $321 billion

What is the approximate annual increase in compliance spending since 2010?

• 5%

• 10%

• 15%

• 20%

What is one potential consequence of Brexit for banks?

• Immediate reduction in compliance costs

• No change in banking regulations

• Regulatory divergence between the UK and Europe

• Increased hiring of compliance staff

What could the US administration potentially do regarding banking regulations?

• Maintain current regulations

• Increase compliance costs

• Roll back some existing regulations

• Introduce new regulations