And The Most Ethical Staff In The Financial Markets....
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We posed you an ethical dilemma. We asked you what you would do if you discovered that a close work colleague (and friend) was involved in unethical behaviour that was likely to bring your firm's name into disrepute, and damage the business.
Here's the final results of our survey.
82.5% of respondents overall said that they would blow the whistle
10.1% said that they weren't sure what they would do
7.4% said that they would keep quiet
86.3% of respondents who worked in an investment bank said that they would blow the whistle
7.6% said that they weren't sure
6.1% said that they would keep quiet
89.4% of respondents who work in asset management or private banking said that they would blow the whistle
10.6% said that they weren't sure what to do
51.3% of recruitment consultants who responded said that they would blow the whistle
13.6% said that they weren't sure
35.1% said that they would keep quiet
83.2% of respondents who work for European investment banks said that they would blow the whistle
10.4% said that they weren't sure
6.4% said that they would keep quiet
93.1% of respondents who work for US investment banks said that they will blow the whistle
4.6% said that they weren't sure
2.3% said that they would keep quiet
And here are the Top 10 firms in terms of the % of staff confirming that they would blow the whistle on a close work colleague:
1. Citigroup - 99.3% said that they would blow the whistle, 0.7% said they weren't sure, 0% said that they would keep quiet
2. Morgan Stanley - 97.4%, 2.6%, 0%
3. Jefferies & Co - 96.8%, 3.2%, 0%
4. Deutsche Bank - 95.1%, 4.9%, 0%
5. Bank of America - 91.4%, 8.6%, 0%
6. UBS - 89.1%, 6.0%, 4.9%
7. JP Morgan - 85.1%, 9.8%, 5.1%
8. Goldman Sachs - 83.6%, 10.3%, 6.1%
9. Merrill Lynch - 73.6%, 18.4%, 8%
10. DrKW - 72.3%, 19%, 8.7%
The results of this survey are quite a coup for Citigroup. It was not long ago that the company was frequently in the news after incurring the wrath of financial regulators around the world. CEO Chuck Prince then embarked on his 'Five Point Plan' to put ethics and image ahead of growth. All Citigroup's 300,000 staff received ethics and code of conduct training, as Prince made it his goal to make Citigroup the world's most respected financial institution. If ever there was an example of how leadership from the top can make a difference, the results of our Ethical Dilemma survey are it.
Citigroup's John Harker, Managing Director, Human Resources, Corporate & Investment Banking, EMEA, said that 'we are pleased that so many of our people feel empowered to escalate practices or behaviours that they believe are inconsistent with our shared responsibilities to our clients, each other and the franchise. This empowerment is integral not only to our governance model, but moreover to our company's culture around the world'.
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