Compliance
Standard Chartered Defends "Inclusive" Work Culture
A senior figure at the bank has defended its work culture in the wake of recent misconduct cases.
The Europe chief of Standard
Chartered argues the UK-listed lender has a “strong” and
“inclusive” work environment, responding to a number of
resignations amid claims of senior staff misbehaviour.
Tracy Clarke, regional chief executive for Europe & Americas and
head of its private bank, defended the bank’s culture in an
interview with the Press Association.
“I’ve been here a long time, as you know, and we have not got a
toxic environment, and actually I think the culture at Standard
Chartered remains one of our great strengths – I really do,” she
said. Clarke has worked at the bank, which operates mainly in
regions such as Asia, for 32 years.
With conduct towards employees increasingly under focus in a
number of sectors, cases of misbehaviour, such as involving
alleged harassment or inappropriate actions, are drawing sharper
attention. 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,
for example.
There have been a number of Standard Chartered departures. The
London-based global head of compliance, Neil Barry, was initially
placed on leave in March after employees complained about his
behaviour. The bank held an internal investigation, finding that
his “managerial style, behaviour and language towards some of his
colleagues was inappropriate”. Barry eventually agreed to
leave.
In a separate incident, the bank’s head of anti-bribery and
corruption, Matt Chapman, left the bank last year after
reportedly facing allegations that he changed the performance
review of a colleague he was having an affair with, and promoted
her before stepping down. Chapman has since been hired by Aviva
to work in its financial crime compliance department.
The PA report quoted Clarke as saying that Standard
Chartered has ramped up its “Speak Up” channel, which gives
employees an opportunity to confidentially report any
misbehaviour and was the basis for the investigation into Barry’s
actions.
(Editor’s note: While it would not be proper to discuss specific
individual cases, there’s little doubt that for a variety of
reasons, banks and other financial institutions are becoming
tougher where there are misconduct claims, and more willing to
discuss actions. It’s important of course that such matters are
thoroughly investigated, and just as vitally that those accused
of wrongdoing are able to fully defend themselves in accordance
with due process. At a time when there is much talk about efforts
to encourage more diversity in the workplace, this sharper focus
on such matters will continue.)