I find it very strange that hospitality is such a big part of the financial industry.
Bank / broker employees take clients (who are senior employees of pension funds for instance) out for food and drinks. Maintaining the relationship by going out drinking on the company credit card many nights a week is an important part of the job.
My company mostly deals with governments. Bribery legislation says that every time we provide a cup of coffee to them at a meeting, that has to be declared. It is weird that this hospitality game isn't regarded as cooperate corruption (i.e. the clients agent gets fired for making investment decisions based on who bought him the most expensive dinner).
Anyone with experience of this care to correct my understanding of what is happening here?
Bank / broker employees take clients (who are senior employees of pension funds for instance) out for food and drinks. Maintaining the relationship by going out drinking on the company credit card many nights a week is an important part of the job.
My company mostly deals with governments. Bribery legislation says that every time we provide a cup of coffee to them at a meeting, that has to be declared. It is weird that this hospitality game isn't regarded as cooperate corruption (i.e. the clients agent gets fired for making investment decisions based on who bought him the most expensive dinner).
Anyone with experience of this care to correct my understanding of what is happening here?