Friday 15 December 2017

Don't be crude, traders told

Traders at Deutsche Bank have been warned, nay lambasted, by the head of the German lender's investment bank unit, Colin Fan, over behaviour on social media.

"Being boastful, indiscreet and vulgar is not OK. It will have serious consequences for your career. And, I have lost patience on this issue," Fan, below, has told staff in an internal video memo which has gone viral.

Deutsche Bank, like its Wall Street and City peers is under intense scrutiny from global regulators, whose powers include the right to trawl through employee communications.

"You may not realise it, but right now, because of regulatory scrutiny, all your communications may be reviewed," Fan tells staff.

Fan's message makes it clear that any breach of the bank's code of conduct could mean jeapordising traders' career prospects, so there appears to be no doubting his sincerity.

While their bosses might balk, the combination of youthful exuberance and big money is never pretty.

The Punt's time in London coincided with a conspicuous consumption phenomenon known in the City by the catch phrase "models and bottles", on account of the expensive booze and glamorous company with which young, extravagantly paid traders surrounded themselves.

That culture was cut short in 2007, when reality cut the BSDs, as they liked to be known, down to size.

Irish Independent

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