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City of London

HSBC Fires London Trader as Crackdown on Client Messaging Widens

  • Lender asked to access personal phones of some staff
  • HSBC and other lenders tightening oversight of client messages
HSBC headquarters in London. 

HSBC headquarters in London. 

Photographer: Simon Dawson/Bloomberg

HSBC Holdings Plc fired a trader in London after scrutinizing the personal mobile phones of some staff, in a sign of increased pressure on banks to closely monitor business communications. 

Earlier this year, the lender’s UK-based compliance team pushed some traders and bankers to hand over their phones so they could examine business messages on platforms such as WhatsApp, according to people familiar with the matter. As result of the review a trader on the foreign exchange desk was dismissed, the people added, declining to identify the individual.