I work at a similar bank. We have ~100 employees dedicated to mainly one regulator. There are hundreds of regulators worldwide. Of course there is some overlap in functions so its not 100s*100 but... running a bank is a hard business.
It is strange and horrible that it is become like that, but that's where we are.
More sectors than one would think are primarily compliance businesses.
Given that in very recent times we got to experience what happens when people handling money completely ignore regulations, I'm quite happy banks are "compliance businesses".
Banks should be boring businesses focused on taking deposits, making loans and other variations of that sort of capital allocation. Whenever a bank talks about "new financial innovations!", run for the hills because it's invariably a way to separate customers from more of their money.