New banking regulations in Luxembourg are significantly affecting recruitment in the financial sector, according to recruiters Michael Page.
The Luxembourg financial regularor, the CSSF’s growing control over the financial sector is having a huge impact on Human Resource strategies in the banking sector; Aurélie Abarnou, the Managing Consultant of employment agency Michael Page’s Banking & Financial Services division, explained that “risk managers are [currently] in high demand.”
Luxembourg’s banking sector has changed significantly over recent years; the relocation of activities associated with new demands with which financial institutions are confronted, has obliged professionals in the sector to reinvent themselves.
Such changes also have a big impact on the recruitment of job candidates. For instance, many banks are relocating their operational activities abroad.
Moreover, the development of regulations concerning, for example, the UCITS 5, AIFMD, Fatca or Basle Directives, have forced banks to rethink their management model. As such, the demand for risk managers has greatly increased, as Aurélie Abarnou noted before adding that “the Luxembourgish market is becoming very specialised and offering interesting opportunities for specialists.” She has also referred to knowledge of regulations as “an asset” during the recruitment process for the financial sector.
