Stifel employees leave after probe into 'inappropriate relations'

Two employees of Stifel Financial Corp. in London departed the US investment bank after a probe into alleged inappropriate relationships with a cleaner.

Allegations about improper relationships between employees and a “member of the external cleaning contractor” emerged several months ago, a spokesperson for St. Louis-based Stifel said in an emailed statement.  

“We investigated and have taken appropriate action,” the Stifel spokesperson said. “Both individuals are no longer with the firm.”

Finance firms across the City of London say they’re taking a harder line on misconduct in the #metoo era. Stifel, one of the biggest US investment banks outside Wall Street, has expanded in Europe in recent years and now employs more than 500 people across the continent.

The Times first reported the allegations, describing the Stifel employees as having had “substantial careers in the City.” The spokesperson declined to identify them.

Eithne O’Leary, head of Stifel’s European operations, ordered an investigation after the incident, according to the Times, which didn’t disclose the source of the information. When the review found that misconduct had occurred, one employee left immediately while the other is involved in a “legal process” with the bank, the newspaper reported.