FDIC Job Postings are Bad News For Big Banks
My, the little things you notice when you peruse the job listings at the FDIC website. There are a lot of them to scroll through, but a couple of them caught my eye.
For instance, there’s a listing for a very senior DC-based "expert" position – Deputy Chief Accountant — and the first major duty in the job description is
Assists the Chief Accountant, Division of Supervision and Consumer Protection, Accounting and Securities and Disclosure Section, in identifying emerging accounting, auditing, and taxation issues, particularly those raising systemic concerns, for which the timely development of policy guidance for FDIC -supervised and -insured institutions and the Division’s examination staff is critical.
My WAG: FDIC’s DC office is gearing up for some policy fights with The Fed, Treasury, and the White House. And what might they be fighting about? Let’s see . . .
Further down the list of positions comes a posting for two Senior Large Financial Institution Specialists, one in the New York office and the other in Charlotte, North Carolina.
Hmmm . . . large institutions, New York and Charlotte?
Can you say "Citibank" and "B of A"? Sure you can.
Speaking of New York, they are also looking for a new Chief, Examination Support and Risk Analysis Section who would be based in either New York or DC. Again, from the major duties section of the posting, the first three are these:
Serves as technical advisor on a broad range of risk management issues particularly regarding the analysis and supervision of large, complex financial institutions.
Reviews and evaluates studies, reports, and proposals prepared by staff members, financial organizations and other government agencies as these relate to large, complex financial institutions.
Directs the monitoring and supervision of large, complex financial institutions to protect the deposit insurance fund.
I’d be getting a little nervous right about now, if I had a corner office at Citibank and saw these two job postings. And if I noticed that the FDIC is also looking for two more of those Senior Large Financial Institution Specialists in their DC office, I’d be getting more than a little nervous. (As if I didn’t already have some banking nightmares to deal with.)
All in all, it looks to me like somebody thinks the FDIC needs some senior folks to deal with eating Very Big Banks — and to judge by the closing dates on these job postings and this little teaser from the Wall Street Journal, they think they need them fast.