Sexism and the City: Report finds shocking harassment and bullying in the City ... trends now
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Sexists and bullies in the City of London are operating with 'impunity', a damning report by MPs warns today.
The Treasury select committee found a 'shocking' prevalence of sexual harassment and bullying within finance, which it said 'holds back progress for women'.
The culture remains largely unchanged since a previous investigation was published in 2018, the MPs claim.
Evidence given to the committee highlights the widespread misuse of non-disclosure agreements (NDAs) and poor whistleblowing procedure.
The report found companies regularly use legally binding contracts to 'cover up' abuse and to make problems 'go away', while HR teams tend to prioritise the reputation of the business over the wellbeing of staff.
The Treasury select committee found a 'shocking' prevalence of sexual harassment and bullying within finance, which it said 'holds back progress for women'
Evidence given to the committee highlights the widespread misuse of non-disclosure agreements (NDAs) and poor whistleblowing procedure
MPs warn this underpins a common view that male perpetrators of harassment suffer few consequences because of their behaviour.
They cite the experience of one woman, who says that she was pushed to leave her job after reporting her manager for putting his hand up her skirt, while her boss kept his job.
Stacey Macken won more than £2million after being subjected to a campaign of sexist abuse, including being called 'sexy' and having a witch's hat left on her desk.
The City banker sued French bank BNP Paribas after she was belittled by her boss, who kept telling her 'not now, Stacey', a phrase he used so often that colleagues copied it.
Stacey Macken sued French bank BNP Paribas after she was belittled by her boss
The £120,000-a-year finance specialist claimed that over a four-year period she received hundreds of thousands of pounds less than her male peers in salary and bonuses, and after she complained, managers targeted her with unfair treatment.
Ms Macken won £2,081,449 after suing the international bank in 2022 – reportedly one of the largest awards ever made by a British tribunal.
