eFinancialCareers

The need to get a grip on traders isn’t translating into a splurge of new product control vacancies.

Last month’s revelation that Credit Suisse is being forced to write down an additional £1.4bn after its traders mis-priced trades suggests banks are in dire need of experienced product controllers who can dampen traders’ enthusiasm for exaggerating their profitability.

However, there’s no sign that banks are on a product control shopping spree just yet. “Although managers tell me they could use more people, I’ve not witnessed any mad rush to get them on board,” says Zachary Meade of FSS. “Some are even questioning the point of recruiting when those people can only make recommendations but not enforce change.”

“You’d assume the subprime crisis would create a rush for more product control and risk control vacancies,” says an insider in a US bank. “But it hasn’t happened – because, to an extent, risk people will still be brushed off by the front office. They really have little influence.”

After being stung with billions of dollars of subprime writedowns, the reluctance to add controllers might simply be because banks are feeling a little short of cash. But with traders set to receive even lower bonuses this year now’s not the time for banks to relax their guard.