This report describes how investment banks and firms carrying on investment banking or similar activities in the UK (collectively referred to here as ‘firms’) are managing bribery and corruption risk in their businesses and sets out the findings of our recent thematic review. The report concludes that the investment banking sector has been too slow and reactive in managing bribery and corruption risk. Although we were frequently told about high expected standards of ethics and ‘zero tolerance’ of bribery and corruption, most firms had historically failed to ensure adequate systems and controls to identify, manage and control the bribery and corruption risks to which they were exposed.