People Moves

Standard Chartered's Compliance Chief Quits Over "Inappropriate" Conduct

Tom Burroughes Group Editor 12 June 2018

Standard Chartered's Compliance Chief Quits Over

The senior banker has expressed regret over his conduct and leaves to pursue other opportunities, the bank said.

Standard Chartered’s compliance chief, Neil Barry, has left the UK-listed bank after a disciplinary probe discovered his behaviour to be “inappropriate,” the firm has confirmed to this publication. 

“Neil was placed on leave on March 16th, while we investigated speak ups related to his behaviour. As a result of the investigation, we went through a full and fair disciplinary process. This concluded that Neil’s managerial style, behaviour and language towards some of his colleagues was inappropriate and not in line with our valued behaviours, although it fell short of warranting his dismissal,” Standard Chartered said in an emailed statement. Barry held the title of group head of compliance, according to his Linkedin profile.

“Neil has expressed his regret if any of his interactions with his colleagues caused upset or offence – that was never his intention. He has also acknowledged that as a senior leader he must role-model the highest standards of behaviour,” it continued. “Neil and the bank have agreed that, in the circumstances, he will move on and pursue other opportunities. He will, therefore, leave the bank with immediate effect,” Standard Chartered added. It did not elaborate on specific details about Barry’s actions.

Tracey McDermott, head of corporate, public and regulatory affairs, continues to lead compliance operations, the statement added. 

Share prices in the bank were actually up around 2.48 per cent at 11:00 GMT on Monday.

Issues around conduct in the workplace have come under brighter lights in recent months. In 2016, chief executive Bill Winters brought in a tighter code of conduct at the Asia-focused lender.

Barry joined Standard Chartered in 2009 from Citigroup, firstly becoming global head of legal and compliance for private banking and wealth management in Singapore, rising to group head of compliance under Winters in 2015.

Among other misconduct issues at private banks, Harry Keogh, the Coutts banker who had been punished for sexual harassment claims, resigned from the UK firm earlier, this year, as reported 28 March.

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