Caught in the web
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Caught in the web

Are banks facing a rough ride on the information superhighway?

Morgan Stanley in the US is facing a $60 million lawsuit from two employees following a "racist email" incident in October 1995, while NatWest Markets recently fired three employees for bringing pornography into the office on floppy disks, which they then distributed to staff and the outside world via email.

"This is just the tip of the iceberg," says Michael Chissick, a specialist in internet issues at law firm Field Fisher Waterhouse. "Emailers tend to be more direct and honest than in other mediums." The implication is that the lack of rules governing "netiquette" has led to more discrimination and harassment being sent over the net.

Chissick suggests that companies set up internet training courses for their staff. NatWest Markets and Morgan Stanley insist their guidelines are sufficient. "There is a PC policy in place which says that email is only for training and business-related purposes," says a spokesman for NatWest Markets. JeanMarie McFadden of Morgan Stanley thinks that its code of conduct for email does not need to be amended. "It's more a question of making the firm aware that email is covered by the same rules governing memos, letters, speeches and faxes."

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