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- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
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NEWSLETTERS & ALERTS
‘Big Brother’ Surveillance at Barclays
by Howard Haykin
You can’t blame some London-based Barclays investment bankers for feeling ‘hot under the collar’ these days. That’s because the bank has installed OccupEye, the heat- and motion-sensing device that tracks how often employees are at their desks. The black-box devices, manufactured by Blackburn, U.K.-based Cad-Capture, are affixed to the underside of office desks.
Barclays bank, which informally notified its staff and an employee union about the “phased roll-out” of the devices, claims that “the sensors aren’t monitoring people or their productivity; they are assessing office space usage.” Which, according to the bank, means that it plans on using the data from boxes “to reduce costs, for example, managing energy consumption, or identifying opportunities to further adopt flexible work environments.”
Bloomberg News reached out to 10 other banks to learn whether they, too, use tracking devices on their London-based employees. Here's what they found:
- JPMorgan Chase, Goldman Sachs, Citigroup, Credit Suisse, HSBC Holdings, Royal Bank of Scotland do not currently use any kind of desk monitoring.
- Lloyds Bank uses similar motion-tracking devices.
- Standard Chartered, Deutsche Bank, Morgan Stanley did not immediately respond to requests for comment.