Mumbai: Citigroup’s senior bond trader Paras Shah has been removed from his position after the US investment bank accused him of stealing sandwiches from the canteen, the Financial Times reported.
According to sources cited in FT, the bank suspended Shah after alleging that he had swiped sandwiches from the canteen at its European headquarters in Canary Wharf, London. However, the company is yet to reveal how many times the alleged behaviour occurred.
Shah left his position last month as Citi’s head of high-yield bond trading for Europe, the Middle East, and Africa. Shah, a millionaire with an annual income of £1m a year including bonuses, deleted his Linkedin account post controversy.
Shah joined the Citigroup in 2017, after seven years of experience at HSBC.
Shah’s job entailed matching buyers and sellers of junk bonds — debt from companies judged to be riskier borrowers. Shah was suspended days before the company was due to pay bonuses to its senior employees and give an increment to them, reported the FT.
According to a report by BBC, this is not the first time a senior employee has been thrown out of the financial industry for committing a petty crime. In 2014, BlackRock director Jonathan Paul Burrows was banned from working in the financial services industry after he was caught regularly avoiding buying a train ticket on his commute to London. (THE HINDU)
