City bullying 'is rife'

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Harassment is rife in the City according to a survey which has revealed that more than half of brokers, traders and analysts have experienced or witnessed it in the workplace.

The City of London is one of the most brutal places to work if the findings of the survey are to be believed. The study reveals that there is a culture of intimidation within the Square Mile.

The news comes only months after the City was hit by claims arising during a case brought against Cantor Fitzgerald, the US-owned broker, that bullying, excessive drinking and the use of prostitutes are part of everyday life there.

The new survey, entitled The Third Degree: The City Exposed, will be aired on BBC3 tonight. The programme claims to reveal the ugly reality of life in banks and brokerages.

The study found that 56 per cent of brokers, traders and analysts in the City had experienced or witnessed bullying, harassment or discrimination in one form or another.

It said 36 per cent claimed to be direct victims of abuse and 35 per cent have witnessed it first-hand.

The BBC interviewed 331 men and women from varying ethnic backgrounds across the City. Half of them described the workplace as hostile, aggressive and stressful.

Those interviewed described a range of aggressive tactics from racial and sexual abuse, to verbal bullying, physical violence and public humiliation.

They also paint a picture of a culture in which drug-taking, pornography and obscenities are commonplace. In some cases the abuse was said to take the form of career-blocking, unequal pay, losing bonuses and a general "school-yard mentality".

According to the findings, those most likely to suffer abuse are those working in the so-called front office - traders, brokers and analysts. No explanation has been offered but these are some of the most stressful areas of activity in the City with the result that trading floors are places where tempers flare quickly.

Crucially, of those who claimed to be victims of abuse or had witnessed harassment, only 26 per cent complained. Of those who did not complain, 32 per cent said their failure to do so was because abuse is part of the City culture.

Some of those employees interviewed said they did not take bullying seriously and put it down to humorous or friendly banter, to which they "gave back as good as they got".

Two years ago, Laurent Weinberger, a Jewish former employee of Tullet and Tokyo Liberty, claimed that he was asked to dress up in a Nazi uniform as a forfeit for being late for work.

Mr Weinberger resigned after being given a different job on less pay when he refused to don the uniform. He settled his claim out of court. Also in 2001, Phillip Karam, a Pakistani-born trader at Credit Suisse First Boston, claimed colleagues treated him like a slave and forced him to make the tea.

One fellow trader threatened to "arrange for petrol to be pumped into his flat or for it to be petrol-bombed". Mr Karam said he was also warned off dating white women. The bank denied the allegation but the case was settled for £200,000.

Joanna Burge, the programme's producer, said: "Everyone imagines the City to be a pressurised environment but this shows how pervasive the atmosphere of bullying and aggression is in some quarters."

None of the main organisations that represent the City or the banks gives the topic any attention. The Corporation of London, which is the local authority for the Square Mile, declined to comment, saying that it was not an issue it looked at.

The London Investment Bankers Association and the British Bankers' Association also refused to comment for the same reason.

 

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