Even after bank failures, bailouts, rate rigging and a ‘Great Recession’, investment bankers are still renowned for being spoilt, sexist (and any other –ist you can think of) playboys. And it would appear, if this video sent to all of Deutsche Bank’s traders and sales people is anything to go by, that popular perception might, for once, be bang on.
‘Let’s be clear: our reputation is everything. Being boastful, indiscreet and vulgar is not OK,’ warned Colin Fan, the co-head of the firm’s investment bank, in the video obtained by the FT.
‘It will have serious consequences for your career. And I have lost patience on this issue,’ the Canadian continued. How ominous.
Here are some of the choicest examples of Deustche bankers’ past ‘indiscretions’:
1. FLASHING CASH
Bankers have lots of money, but that’s no need to rub it in others’ faces. Deutsche Bank’s top bods agreed too, suspending a staff member who was allegedly waving a £10 note out of their London office windows at doctors and nurses marching against NHS cuts below.
2. BLATANT SEXISM
‘Maybe I should get pregnant [too] so I can work from home’ – just one of the delightful remarks Heather Zhao, a vice president at the bank in New York, was subjected to after learning she was pregnant in early 2012. Zhao was then fired nine days before returning from maternity leave, according to a lawsuit she filed against her former employer last year.
3. YET MORE SEXISM
Another New York banker, Yosefa Shliselberg, was told to leave in 2011 two months after complaining to HR about sexual discrimination and harassment. The bank claimed she had neglected her work by focusing on setting up a women’s organisation, despite being told she had ‘remarkable analytic skills’ and ‘deep knowledge’ in performance reviews.
4. MARKET MANIPULATION IS SOOO FUNNY
Joking about being able to fix markets doesn’t look so hilarious when the FBI turns upon your doorstep brandishing transcripts of said joke. It looks even less funny when your employer then fires you for it, which is reportedly what happened to New York-based fx director Robert Wallden earlier this year (MT has a great guide to fx rigging if you’re serious about it btw).
5. ER, LIBOR FIXING (AND CRIMES AGAINST SPELLING)
Guillame Adolph, a yen derivatives trader, was reportedly sacked by Deutsche Bank in 2011 for his very poor chat with Tom Hayes, the UBS trader who allegedly fixed Libor. Said poor chat supposedly goes as follows, according to a US Justice Department filing:
Hayes: cld you do me a favour would you mind moving you 6m libor up a bit today, i have a gigantic fix
Adolph: I can do taht
Adolph (next day): u happy with me
6. DID WE MENTION SEXISM?
Lest we forget, the German bank’s former chief exec was also guilty of a rather poor choice of words while public speaking. The Deutsche Bank board ‘will be more colorful and prettier’ with a woman, Josef Ackerman said in a results presentation back in 2010. Oof.