Two London-based Stifel employees have left the investment bank after an internal investigation found they had inappropriate sexual relationships with a member of the external cleaning staff.
Allegations of the misconduct “came to light several months ago,” Stifel said in a statement to The Times of London and Bloomberg. “We investigated and have taken appropriate action. Both individuals are no longer with the firm.”
The investment bank declined to comment on the employees’ identities, but The Times reported they had “substantial careers in the City.”
One of the employees resigned immediately after Stifel found misconduct, while the other left later and is “in a legal process” with the bank, The Times reported.
The bank has sought to reinforce its cultural standards since the misconduct allegations surfaced. Stifel “strives for a culture that puts its clients and associates first, a culture where everyone belongs, everyone is welcome, and everyone contributes to the success of our clients, their careers, and the firm as a whole,” the bank has said.
Between 500 and 600 of Stifel’s 9,000 employees are based in Europe. The bank cut roughly 15 jobs last week at its London office in corporate brokerage, research and equity sales, but the moves were said to be unrelated to the misconduct finding.