- More extensive background checks have forced UBS and Barclays (NYSE:BCS) to pull job offers and push back start dates for new hires, reports Bloomberg. The time it takes readying an application for a new hire to get regulatory permission to work in London "has triple, quadrupled, and quintupled," says a lawyer. "In the old days, it took a day."
- Also tougher is the vetting of existing employees to work in new jurisdictions.
- “The people aren’t crooks,” says the lawyer. In U.K. bank hiring now, there’s “an ultra-conservative view; it’s our version of puritanism and risk aversion.”