Financial Services Workers Report Awareness of Wrongdoing - Bloomberg
Of 500 senior professionals questioned last month, 30 percent in the U.K. and 22 percent in the U.S. said they had witnessed or had “first-hand” knowledge of wrongdoing, the law firm said today in a statement. Almost 4-in-10 believe their competitors break the law to get ahead, the firm said.
The study focused on corporate ethics, the regulatory landscape and individuals’ willingness to report illegal behavior, the New York-based law firm said. It comes amid U.S. and U.K. probes into whether banks rigged the London Interbank Offered Rate (LIBOR) and follows a record 290 million-pound ($450 million) fine for Barclays Plc. (BARC)
The survey shows that 30 percent of workers believe their compensation or bonus plans put pressure on them to compromise ethical standards or break the law, the firm said. An equal number said regulators and law enforcement agencies don’t effectively deter such behavior, the report said.