new rules

Barclays has banned employees from giving or receiving gifts and entertainment from brokers as the British bank tightens internal controls. The “prohibitions apply regardless of the monetary value or nature of the relevant gift or entertainment,” according to a July letter, a copy of which was seen by Bloomberg News and confirmed by Barclays. The ban applies to relations with so-called executing brokers, who process orders for the bank. Any exceptions require prior approval, according to the letter. Brokers will have to report every six months that they haven’t given or received any presents from Barclays staff. If they have, the item and reason must be explained. [Bloomberg]

…per the instructions enclosed in a letter sent out by CEO Richard Handler and Chairman Brian Friedman. The short version: Treat junior level employees like they are humans and not life-sized pieces of garbage. The longer version: Read more »

  • 31 Jul 2014 at 12:36 PM

Clawback Watch ’22: Britain’s Banks

If you’re a banker working across the pond, get your underhanded schemes out of the way now, because come 2015, they’re going to start counting against you (and will continue counting against you vis-a-vis bonuses through 2022). Read more »

Vulgarities and indiscreet chatter have percolated through Wall Street’s trading floors and online chat rooms for many years, and might have stayed there were it not for a string of recent regulatory crackdowns. Now, thanks to investigations that have produced reams of internal communications among traders and brokers, a window has opened onto the predominantly male locker room culture of finance. Some banks — anxious to avoid further embarrassments — are taking steps to clean up that culture. “Some of you are falling way short of our established standards,” Colin Fan, the co-chief of the investment banking division at Deutsche Bank, the big German lender, said in a recent internal video, outlining a code of conduct that has echoes of the famous etiquette guidelines published nearly a century ago by Mrs. Post. “Let’s be clear,” Mr. Fan continued. “Our reputation is everything. Being boastful, indiscreet and vulgar is not O.K. It will have serious consequences for your career, and I have lost patience on this issue.” [Dealbook]

  • 28 Feb 2014 at 2:15 PM

Barclays Cares About Its Junior Bankers Too Ya Know

Like Goldman Sachs, JP Morgan, Bank of America, Credit Suisse, Bank of Montreal, and Citigroup before it, Barclays has decided that all work and no play make for grumpy junior mistmakers. Unlike the “protected weekend” adopted by JPMorgan and Citi, and the 36-hour weekend favored by Goldman Sachs and Credit Suisse, the Brits are taking a three-pronged approach to unshackling its little workers bees from their desks by: making sure they take their vacations, not letting anyone work more than 12 days straight without a break to catch their breath, and forbidding the assigning of projects after 12 on a Friday, unless it’s really important in which case, settle in. Read more »

After sending out a memo yesterday informing junior employees that vacations are now mandatory and one weekend a month must be spent outside the office, management reiterated: Read more »

Like JP Morgan, Citi’s junior bankers will now have one weekend a month to spend as they please (though keep those Blackberries on), according to a memo sent out today. Read more »