Canary Wharf is looking sketchier than Wall Street.
In a survey by University of Notre Dame released Tuesday morning a fourth, yes 25%, of the 1,200 financial professional respondents said they would illegally use non-public information to make an extra $10 million if they knew they wouldn’t get caught. That’s a slight rise from 2013’s 24% willing to break the law.
Wall Street may seem morally bankrupt to some, but it was the British that reported being more willing to engage in insider trading. In the U.K., 32% said they would break the law for $10 million, compared to 24% of U.S. respondents. More than a fourth, 28%, of U.K. respondents said that they believe it is likely that their fellow employees have engaged in illegal or unethical behavior to their advantage. That’s a full six points higher than the 22% of American respondents.
Insider trading is more appealing to men, with 27% saying they would do it for the $10 million, compared to 22% of women. That spread was even greater for the U.K., with 34% of men saying they would break the law, compared to 23% of women.
Young people are much more willing to take a risk, with 32% of those with less than 10 years’ experience saying they would break the law, compared to 14% of those with more than 20 years’ experience.
Just as worrisome, one in five respondents said that engaging in illegal or unethical behavior is necessary at some point if financial services professionals want to be successful. More than a fourth say the financial services industry does not put its clients first. That number rose to 38% for those earning more than $500,000 or more per year. More than a third, 34%, of this higher income bracket said they have witnessed or know first hand of illegal or unethical workplace behavior.
Maybe Martha Stewart made prison life look too easy.
Photo: iStockPhoto.com.