Sunday, June 11, 2017
The banking industry sucks
I have written extensively (I think so) about the banking industry and over the years it has gotten worse than before which is my own opinion. In the aftermath of the financial crisis that started in 2008, it has been a tough time to be in the banking business with loads of regulations which are being enacted and the amount of work that goes into to make sure everything the bank does is in compliance with those regulations in order to avoid vast amount of fines that can come in the wake of their violations. When I was working full time in bank almost half and even more than that was spent making sure everything was in compliance before we even began to start our work. Everybody including the lowly clerk to the top management is responsible to make sure nothing is in contravention of any rules and regulations that multiple government agencies have enacted. In fact the fastest growth rate in any job category is now in Compliance where the job openings are the highest and the banks are ramping up their compliance department in some places giving the full floors to work to make sure they do not get fined. Still the pressure and the lure of making money is so much that despite having multiple layers of compliance and audits throughout the year, you will still see many banks again getting fined when things start to turn rough for the economy as a whole.