Goldman Sachs reportedly is clamping down on some gift-getting by its equity derivatives traders. According to Financial News, Peter Selman, who heads the company’s equity derivatives business in London, has told that group of traders to beware of brokers bearing gifts or corporate entertainment – and not to accept them.
The ban, according to FN, applies only to the traders in an effort to reduce potential conflicts of interest; sales staff still can receive presents according to Goldman Sachs policy, says FN, noting that traders can still hang out with their brokers, but only at the traders’ expense. The Goldman Sachs rule for this group appears tougher than that of other banks, which require disclosure of gifts above a certain value.