Stifel employees leave after probe into 'inappropriate relations'

Stifel employees leave after probe into 'inappropriate relations'
A spokesperson for the St. Louis-based firm says it has 'taken appropriate action,' with one of the employees going through a 'legal process.'
MAY 06, 2024

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.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management