More than a quarter of investment bankers say work is damaging their health in ‘disturbing’ review findings

More than a quarter of investment bankers said their work was damaging their health as the “disturbing” findings of a survey revealed efforts to improve workplace culture have stalled.

The Banking Standards Board have raised concerns today over the wellbeing of bank employees in its latest annual review.

The survey of more than 72,000 employees from 26 banks revealed that 28 per cent of investment bankers said work was having a negative impact on their health – similar to 29 per cent the previous year.

The vast majority blamed workloads and long hours, while the pressure of expectations and resources were also common factors.

The BSB said that while banks were pushing lifestyle initiatives, including healthy eating and getting enough sleep they must not overlook organisational factors such as “unpredictable hours or an unmanageable workload.”

In total 24 per cent of bank employees said their job was damaging their health.

BSB chairman Dame Colette Bowe said: “The big takeaway from this year’s survey is the sheer number of people who feel this way about their work.

“These are quite disturbing results.”

“Everyone in a position of management and leadership is trying to encourage this to improve, but it’s just not happening.”

Speaking up about concerns was another area flagged by the BSB as 40 per cent of those who raised issues felt they had not been listened to or taken seriously.

Those raising concerns over operational issues or policies tended to speak out but reporting sexual harassment, bullying and discrimination remained low.

Chief executive Alison Cottrell said banks were dealing with the “fear” of speaking out through establishing whistleblowing lines but now had to address the feeling of “futility.”

After strong improvement across all areas in 2017, including respect, openness and competence, progress flatlined last year apart from leaders taking responsibility, which continued to improve.

The number of employees who saw colleagues turn a blind eye to inappropriate behaviour also rose.

Bowe said: “From the many discussions we have had with firms, these results are telling us that, making continuing significant changes to the method of operation of large, long-established businesses is a hard slog.

“Many firms are in the hard yards – we would be fools if we thought this would be easy.”