Deutsche Bank boss Colin Fan warns traders that boasting, indiscreet and vulgar comments 'are not OK'
By JAMES SALMON
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A London-based investment banker has warned his traders that boasting, indiscreet and vulgar comments ‘are not OK’.
Colin Fan – the joint boss of Deutsche Bank’s ‘casino’ arm – has posted a stern internal video to keep them in check.
Claiming he had ‘lost patience on this issue’, the 41-year-old Canadian warned: ‘Some of you are falling way short of our established standards. Let’s be clear: our reputation is everything. Being boastful, indiscreet and vulgar is not OK.
Taking a stand: Colin Fan - the joint boss of Deutsche Bank's 'casino' arm - has posted a stern internal video to keep his traders in check
‘It will have serious consequences for your career.’
He added: ‘You may not realise it, but because of regulatory scrutiny, all your communications may be reviewed. This includes your emails, your conversations and your conduct.’
The reprimand from Fan comes after a succession of banks, including Deutsche, Barclays and Royal Bank of Scotland, have been fined for rigging Libor interest rates.
Damning emails and chatroom messages sent by traders at various banks boasting of their behaviour have been published by regulators. They have laid bare the brash culture on some trading floors.
Traders and brokers gave themselves nicknames such as ‘Lord Libor’, ‘superman’, ‘big boy’ and the ‘Three musketeers’ as they joked about pushing rates up and down.
In one message, a trader at an unnamed bank thanked a Barclays trader for helping to manipulate interest rates: ‘I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger.’
Lord Thurso, the Liberal Democrat peer and member of the Treasury Select Committee, welcomed Fan’s reprimand to staff.
He said: ‘I’m pleased that Deutsche is threatening action against staff, but this warning underlines the fact that the job of changing the culture remains unfinished.’
Deutsche is Germany’s biggest lender and has 8,500 staff in the UK, split between its offices in London and Birmingham. It was fined £590m by the European Commission in December for manipulating Libor – one of six banks fined £1.4bn in total.
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