London investment banks striving to clean up their public image are imposing new rules on bankers to curb late night client entertaining and knocking back shots, according to a city law firm.
GQ Employment Law is advising some financial institutions to put in place more stringent codes of conduct. These, says the firm, build on risk-reducing regulations already introduced by the Financial Conduct Authority and the Prudential Regulation Authority.
“Large financial institutions want to demonstrate absolute dedication to the interests of their clients,” said Paul Quain of GQ Employment Law. “They hope that a more professional environment will achieve that, as well as reducing the risk of potentially criminal behaviour.”
Not everyone is thrilled by the new rules – especially the midnight “Cinderella” curfew. “Bankers are already behaving better and spending less,” Ranald Macdonald, owner of the Boisdale chain, told City AM. “It’s damaging to the restaurant industry and taking the fun out of doing business.”
