Global Banks Looking For New And Inventive Ways Of Spying On Employees

Investments in surveillance technology are so hot right now.
Author:
Publish date:
Updated on
By thetaxhaven (Kweku-Adoboli-007Uploaded by traveler100) [CC BY 2.0], via Wikimedia Commons

Photo: thetaxhaven, via Wikimedia Commons

Remember Kweku Adoboli? London-based UBS trader who got pretty famous in 2011 after making a bunch of unauthorized trades and losing the Swiss bank $2.3 billion? Or Jerome Kerviel? The Société Générale trader who lost $5.6 billion on trades the French bank maintains to this day it had totally 100% zero idea about? Numbers like $2.3 billion and $5.6 billion are very scary to UBS, SocGen, and their peers and even scarier? The idea that in the future, it'll be harder to pin the blame entirely on one employee and that senior managers could get in troubs themselves. So...

As a result [of top executives being personally liable if trading misdeeds can be tracked back to poor management], they are looking for new technologies and skill sets to keep a much closer eye on their trading floors...US-based security firm Stroz Friedberg has, since mid-2015, been giving banks access to psycholinguistic technology. This monitors large volumes of content in emails and social media communications and combines that with keywords that could signal disgruntlement, anger, despair or criminal intent. If discontent is detected, that information is then assessed alongside personnel files, IT and security information, and observations from supervisors and co-workers to determine what actions a firm might need to take.

Banks open a new front in trading floor surveillance [FN]

Related