UBS Hires Former Barclays Compliance Head
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UBS has hired a former senior executive from banking rival Barclays to help develop its compliance and operational risk strategies — an appointment that comes with financial institutions predicted to double their regulatory spending over the next five years.
Natasha Meaney joined the Swiss lender in London earlier this summer as its new chief administrative officer for compliance and operational risk. In her new role, she reports to UBS’s global head of compliance and operational risk, James Oates.
Oates said in a memo: “[Meaney] will play a key role in supporting me in defining and implementing our longer-term strategy and key initiatives. She will also be responsible for running our governance, business management and reporting processes and teams.”
She replaces Lisa Field, who has moved to UBS’s global investigations team.
A survey of 183 senior staff at asset managers, brokers and banks published in April by the professional services firm Duff & Phelps found that firms typically spend 4% of their total revenue on compliance. But it estimated this could rise to 10% by 2022, with around nine out of 10 of those polled stating that regulatory reforms were increasing their costs.
Meaney spent more than 10 years in Barclays’ compliance division, and the last two-and-a-half years as the chief compliance officer for its investment banking, non-core business and treasury units. She left the UK bank last year.
Source: FN
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