Santander hired a law firm to investigate a group of bankers who visited a bar strip in London after a day of company meetings to see if younger employees felt pressured to participate, the Financial Times reported.
The incident took place in February, after the bank’s capital markets team met at the group’s UK headquarters for departmental meetings.
That night, seven male team members, including three top managers and four juniors, went to a strip. However, an internal whistleblower raised concerns about the trip and that junior staff felt pressured to attend.
In addition to the ongoing internal investigation, the UK financial market supervisor (FCA) was also informed.
To investigate the situation, Santander hired the American law firm Gibson Dunn.
The law firm interviewed up to 15 people who attended the night’s meetings, including the seven individuals who went to the bar, and concluded that no overt pressure was exerted on the younger members.
None of those involved in the incident were fired, but one of the managers who organized the trip to the bar was subject to disciplinary action.
Santander did not provide details, but guaranteed, in a note, that it takes “all concerns about the conduct of its employees seriously” and that it follows a “rigorous process” in the investigation of this type of incident.