“Banks will still make smaller cuts in underperforming units or in areas where technology reduces the need for humans, Challenger said.
And a hiring boom may be about to end in one corner of the industry — compliance departments. Days after last week’s vote, Trump’s transition team signaled that his administration will seek to roll back key pieces of the Dodd-Frank Act, a vast 2010 regulatory overhaul that sought to make the financial system safer. That, and stiffer enforcement, had pushed banks to build armies of internal watchdogs.
Trump’s policies ‘might very well cause banks to pull back on their hiring in that area,’ Challenger said. ‘That’s a shift coming out of this election that was unexpected.’”