Barclays bans employees from giving or receiving gifts and entertainment

The Gift Jason M

Barclays has banned employees from giving or receiving gifts and entertainment from brokers as the bank tightens internal controls.

Bloomberg News reports that the 'prohibitions apply regardless of the monetary value or nature of the relevant gift or entertainment,' according to a July letter, a copy of which was seen by Bloomberg News and confirmed by Barclays.

The ban applies to relations with so-called executing brokers, who process orders for the bank. Any exceptions require prior approval, according to the letter. Brokers will have to report every six months that they haven’t given or received any presents from Barclays staff. If they have, the item and reason must be explained.

Banks around the world are imposing limits on gifts, personal dealing and how employees talk to counterparts at other firms after being fined billions of dollars for manipulating benchmark interest rates. Barclays has paid at least $1.36 billion in fines and settlements since 2008, including a $470m penalty for rigging the London interbank offered rate, according to data compiled by Bloomberg.

Hit the link below to access the complete Bloomberg News article:

Barclays Bans Broker Freebies in Compliance Crackdown

U.K.’s Hill Faces Second Grilling in Bid for Europe Post

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts