Standard Chartered No Longer Down With You Bankers' Three-Martini Lunches, Loans To Work Buddies In A Pinch

Sorry, pals.

Bill Winters let y'all have your fun but now he's decided to run a much tighter ship, and on that ship, work friends aren't allowed to bail each other out, among other things.

Standard Chartered Plc has been conducting a probe into its bankers’ conduct, including cases of padding expense reports and improperly lending money to colleagues, people with knowledge of the matter said. The investigation led to the departure of several bankers in Dubai in the past six months, including at least three managing directors, after Standard Chartered found they personally lent money to other employees in violation of internal compliance rules...Chief Executive Officer Bill Winters said this week Standard Chartered needs to tighten up “everything” around its controls including risk management, expenses and compliance.

Standard Chartered Said to Probe Banker Expenses, Personal Loans [Bloomberg]