2 bankers leave firm after investigation into their conduct with a cleaning contractor
The City of London. Karl Hendon
- Two Stifel employees have left following an investigation into their conduct.
- They worked in London for the St. Louis-based investment bank.
- Stifel told The Times of London it had “investigated and have taken appropriate action.”
Two employees of Stifel have left the investment bank following an investigation into their conduct with a cleaning contractor.
The Times of London first reported the story involving workers at the US bank’s offices in the City of London, near St Paul’s Cathedral.
Stifel opened an investigation following allegations about improper relationships between employees and a “member of the external cleaning contractor,” a Stifel representative told Bloomberg.
One worker resigned after the probe found misconduct had occurred, while the other left and was now involved in a “legal progress” with the firm, The Times reported.
A Stifel representative told The Times: “This matter, involving two employees, came to light several months ago. We investigated and have taken appropriate action. Both individuals are no longer with the firm.”
Stifel did not respond to requests for comment from Business Insider.
Like many companies, the bank operates a code of conduct for employees.
According to its code of business conduct and ethics: “Stifel expects all Associates to act with integrity in their dealings with clients, other Associates, third parties, or anyone else they come into contact with as part of their association.”
The firm has about 600 staff in London after acquiring another company a decade ago.
Some financial firms in London have suffered from accusations of misconduct and misogyny.
The #MeToo movement reportedly brought about some social change about sexism in Britain’s financial sector.
However, MPs on the Treasury select committee were told earlier this year that some women felt that sexist conduct had now become more “underhand and pernicious.”
The MPs heard that initiatives aimed at improving diversity and inclusion in financial services were welcome, but were “often ‘tokenistic’ or ‘box-ticking’ in nature and lacked the ‘teeth’ needed to drive genuine change.”
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