Barclays, RBS and Citi ban traders from chat rooms - FT

Barclays, RBS and Citi ban traders from chat rooms - FT

Barclays, The Royal Bank of Scotland and Citigroup have banned traders from using chat rooms in the wake of a series of scandals over manipulation of bank interest rates, according to the Financial Times.

Logs of chats between traders on Bloomberg terminals and Thomson Reuters desktops have formed a central plank of investigations into the fixing of the London Interbank Offer Rate and other key financial benchmarks.

Around 15 banks are being investigated and more than 10 traders are believed to have been suspended in relation to evidence of systemic abuse by traders rigging rates to boost their bonuses and the standing of their bank.

Other banks believed to be reviewing the use of chat systems are JPMorgan, Credit Suisse and UBS. The FT cites a visit to London last month by JP Morgan chief executive officer Jamie Dimon who warned employees to choose their language carefully in their e-mails and instant messaging exchanges.

"Don't exaggerate, don't ruminate, don't bullshit," Dimon reportedly told employees at a gathering at the bank's office in London's Canary Wharf.

Comments: (1)

A Finextra member
A Finextra member 25 November, 2013, 07:09Be the first to give this comment the thumbs up 0 likes

Clearly the Banks dont like audit trails of collusion in chat rooms... They dont appear to be saying they dont want their staff to collude, just that they dont want them colluding where records are kept.  Maybe they prefaced their admonition with finer thoughts - but these never made it to the final press piece....   I hope this is the case!