Era of Earning Client's Trust Via Steak Dinner, Lap Dance Dessert Over At Barclays

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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]

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