Friday December 01 , 2023

Category: Addiction News

City firms told to warn employees about risk of drug and alcohol addiction

City firms should do more to warn their employees about the risk of drug and alcohol addiction, an official report has claimed.


city drug problemAn investigation by City of London Corporation found that while treatment and support were available, not enough was being done to prevent addiction taking hold.

Square Mile addiction specialist Richard Kingdon said some City workers could take up to three grammes of cocaine a day, often to keep them going after heavy nights out.

Mr Kingdon, of City Beacon, added that last month was particularly busy for counsellors as staff who stopped drinking for January went “back on it”. Today he urged financial, insurance and legal firms to discuss the dangers of addiction more openly with their staff, saying: “Speaking about drugs in the City is still taboo.”

The corporation’s review of drug and alcohol services, due to be presented tomorrow, states: “Within the City worker population, there is a particular risk-taking culture that may contribute to the development of health issues and addictions.

“This has the potential to impact on both City workers and their employers. There is also potential to research the role of City employers as ‘enablers’.”

The review found that combined use of cocaine and alcohol could contribute to violent crime in the Square Mile.


Alcohol and drugs impact on workplace rising significantly

drugs and alcoholCity businesses are facing significant challenges in managing staff with alcohol and substance abuse problems, warns GQ Employment Law, a specialist London employment law firm.

GQ Employment Law says that the problem is increasingly being caused by growing pressure to meet tougher targets as banks struggle to maintain their profitability because of stricter regulatory capital requirements. Paul Quain, Partner at GQ Employment Law, comments, “Managing staff with alcohol or drug addiction problems can be a very significant issue for City employers.”  “Addiction to drugs and alcohol can be widespread in the City because the staff work long hours, face more stress than ever before, and are often expected to entertain clients in the evening.


In the City that never sleeps. . . traders stay up on ‘smart’ drugs

bankerAmbitious executives in the world of high finance are increasingly turning to a “smart” drug to stop them falling asleep, the founder of a City addiction clinic says.

A growing number of businessmen and women seeking an edge over colleagues and competitors are taking modafinil, a drug designed to treat narcolepsy, a disorder that causes people suddenly to fall asleep.

Read the full article here


Traders Seek Help

In a recent news report that appeared in The Sun, City Beacon comment upon a 20% increase in city traders who have requested counselling services this year. Managing director Richard Kingdon said many were turning to drugs and alcohol as an “anaesthetic”. He told The Sun: “It’s allowing them to bury their heads deeper and deeper into the sand.”

He claimed bankers felt hated by the public and were being put under increasing pressure by their own bosses. He said: “Banks and financial institutions are using lower profit forecasts to cut staff bonuses, salaries and jobs.

“Denial is the name of the game in the City. No one — and no company — wants to admit there’s a serious addiction problem.”


City Beacon featured in The Times

Sex, drugs, drink and the City slicker

In the Square Mile, temptation is never far away. But Richard Kingdon is helping financiers to tackle their addictions

It’s ego. It’s fine wine, champagne, cocaine. It’s all about alpha males and excess up here,” Richard Kingdon says. “Third week of January is a killer. It’s a classic: on New Year’s Eve they say: ‘Right, this is my last binge. Next year I’m going to sort myself out, sort out my debts, maybe try for a family.’ Then third week in January, when they get paid, they’re off again because the resolve has gone and because they ain’t got no tools.”


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