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- FINRA Modifies 'Agency Debt Security' in Rule 6710
- Is Jamie Dimon Doing a U-Turn on Bitcoin?
- After New Yorker's Racist Rant Goes Viral, His Law Firm Gets Pummeled with 1-Star Yelp Reviews
- Bill O’Donnell is New CFO at MetLife
- Trump Still Owes Deutsche Bank, Others as Much as $480Mn
- Wells Fargo Scandals Hurt Its Retirement Business
- Michigan State to Pay $500Mn to Victims of Larry Nassar's Abuse
- Top Lawyer at Novartis Leaving Over $1.2Mn Contract with Michael Cohen's Consulting Firm
- Cadwalader Adds Mark Chorazak to its Financial Regulation Practice
- Deutsche Bank: It's A Short According to Eisman of ‘The Big Short’ Fame
- Up In Smoke: Bank of Montreal Goes All-In on Pot Deals
- RBS to Pay $4.9Bn to Settle Toxic MBS Probe with U.S.
- Apple and Goldman Sachs Team Up to Release New Credit Card
- Robinhood, A Stock, Trading App Rejected by 75 Investors, Now Worth $5.6Bn
- Wells Fargo Reportedly Pocketed Fire And Police Department Pension Fund Fee Rebates
- Trading App Robinhood Surpasses E*Trade In User Numbers
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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.