Citigroup has suspended one in every of its most senior bond merchants in London after the US funding financial institution accused him of stealing from the workplace canteen.
Paras Shah abruptly left his put up final month as Citi’s head of high-yield bond buying and selling for Europe, the Center East and Africa.
The financial institution suspended Mr Shah after alleging he had stolen meals from the canteen at its European headquarters in Canary Wharf, London, in line with 4 individuals accustomed to the matter.
Citi declined to remark. Mr Shah declined to remark over e mail, referring inquiries to Citi.
The 31-year-old was one of many highest-profile credit score merchants in Europe, having joined Citi in 2017 after about seven years at HSBC. His job entailed matching patrons and sellers of junk bonds — debt from corporations judged to be riskier debtors — with two former colleagues telling the Monetary Instances that he was a popular and profitable dealer.
Income in Citi’s fixed-income buying and selling division surged 49 per cent within the fourth quarter of 2019, nicely forward of analysts’ expectations, serving to the financial institution hit its goal for return on fairness final yr.
Monetary establishments and regulators within the UK have previously harshly disciplined executives alleged to have engaged in private misconduct equivalent to theft, even involving small quantities of cash.
Japan’s Mizuho Financial institution fired a London banker in 2016 after he was caught stealing a component from a colleague’s bike price about £5.
In 2014, the Monetary Conduct Authority banned a former BlackRock govt from senior roles within the UK monetary sector after he was discovered to have repeatedly dodged paying the prepare ticket for his commute to the Metropolis. Jonathan Burrows, who labored as a managing director at BlackRock Asset Administration Investor Companies, ended up paying £43,000 to settle the case when the extent of the evasion, which happened over a number of years, turned clear.
Mr Shah’s LinkedIn profile reveals that he graduated with an honours diploma in economics from the College of Bathtub in 2010, becoming a member of HSBC’s fixed-income buying and selling division the identical yr.
Extra reporting by David Crow