“Non-financial misconduct.” It may not sound like the most exciting phrase in the English language, but it strikes terror into the boardrooms of the world’s biggest companies.
“NFM” is the business euphemism that covers all the juiciest of sex scandals in corporate life. The boss of McDonald’s, Steve Easterbrook, sleeping with junior staff members? NFM. The head of BP, Bernard Looney, behaving similarly at the oil giant? NFM.
While those tales of men behaving badly were all huge scandals in their day, the past couple of weeks have seen JPMorgan Chase, the world’s biggest bank, caught up in a different type of alleged NFM.
A married, 35-year-old investment banker in the leveraged finance division of its New York offices is suing the bank for millions of dollars, claiming that he was made a sex slave by his female boss, a 37-year-old executive.
While sexual harassment and abuse claims have been legion in companies since the MeToo movement erupted after the Harvey Weinstein scandal, it is almost unheard of for the alleged victim to be a man and the abuser a woman.
The salaciousness of the legal action has spread around boardrooms on both sides of the Atlantic, leaving directors and lawyers playing the parlour game: how would they handle such allegations at their company?
Chirayu Rana...
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