Standard Chartered CEO labels employee attitudes a 'cancer' on business

Standard Chartered CEO labels employee attitudes a 'cancer' on business

The Chief Executive of Standard Chartered has delivered a stern message to the bank’s managers in the wake of recent allegations of misconduct, complacency and lax controls, according to the Financial Times.

In an interview with the publication, Bill Winters condemned the culture of “inappropriate financial dealings with colleagues” and “excessive expenses”.

He explained: “We had employees lending money to other employees at very high-interest rates, more than on your Standard Chartered credit card. That is not OK.

“Frankly they are childish things and individually they don't add up to material financial exposure for the bank, but culturally they are a cancer.”

He continued: “We had incidents of relatively senior people using bad judgment or taking actions that with the benefit of any sort of rigorous review would be unacceptable.

“Some parts of the control environment, not just relating to conduct, but also relating to risk-management and expense control, wasn't as rigorous as it needs to be for this environment.”

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