Morgan Stanley and Banco Santander are hiring executives from the U.K. markets regulator for their London operations, as banks look to the watchdog for staff to see them through - and keep them clear of - probes.
Bloomberg News reports that Matthew Nunan, the Financial Conduct Authority’s head of wholesale enforcement, will leave in August to take a senior compliance role in the bank’s London office, two people with knowledge of the move said, asking not to be identified because the decision wasn’t public. Sharon Campbell, who stepped down as FCA head of financial crime and intelligence in May, will join Santander’s British unit as director of financial crime next month, according to the bank.
Hiring Campbell 'demonstrates our commitment to the proactive management of this very important issue', Andy Smith, a spokesman for the lender, said. Tom Walton, a London spokesman for Morgan Stanley, and Nunan declined to comment on his move.
Banks targeted by the markets watchdog have been increasingly hiring its alumni. Six months after settling claims Barclays manipulated interbank offered rates, the bank hired the man who led the watchdog during the probe. Hector Sants joined the lender in 2013 to a newly created job as head of compliance and government and regulatory relations. Royal Bank of Scotland, also fined for rate rigging, named the regulator’s former managing director of supervision Jon Pain as head of conduct and regulatory affairs in August.
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