The European Central Bank is stepping up supervision of euro area banks with plans to recruit about 230 people for its regulatory arm, an increase of about 25%, according to a person with knowledge of the matter.
Bloomberg News reports that two-thirds of the hires at the ECB’s Single Supervisory Mechanism will be made next year and the remainder will join in 2017, said the person, who asked to remain anonymous as the matter isn’t public.
The SSM, which is based in separate quarters in the heart of Frankfurt’s financial district, has about 1,000 staff.
The ECB assumed oversight of euro area banks in November to help restore confidence in the financial system and nurse the bloc back to growth in the wake of the sovereign debt crisis. Almost one year on, Europe’s biggest lenders have increased their capital levels and seen profits rise thanks to higher lending and economic growth.
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