• 1 day Markets Unfazed As Inflation Hits 13-Year High
  • 2 days How the Token Economy is Disrupting Financial Markets
  • 4 days FBI Investigating 100 Types Of Ransomware Attacks
  • 6 days Fed Ends Corporate Credit Emergency Lending Program
  • 8 days AMC Becomes the Latest Winning Meme Stock After GameStop
  • 9 days The Real Reason Your 401k Has Been Lagging
  • 10 days China Lifts Cap On Births, Allows Three Children Per Couple
  • 12 days The Market Is Ripe For Another GameStop Saga
  • 15 days Senate Grills Big Banks Over Pandemic Opportunism
  • 16 days Cannabis Has A Major Cash Problem
  • 17 days Ransomware Netted Criminals $350M In 2020 Alone
  • 18 days Russia Is Taking On Google
  • 19 days Chinese Regulators Deal Another Big Blow To Bitcoin
  • 20 days Ohio Residents Brave Vaccine for Chance To Win $1M
  • 22 days Inflation Is Coming. Are You Prepared?
  • 23 days 3 World-Shaking Trends Investors Need To Watch This Year
  • 23 days Travel Might Get Another Supersonic Disruption
  • 24 days The World Is Running Out Of 6 Key Resources
  • 25 days $15/Hour Minimum Wage Might Happen Naturally
  • 27 days Money-Laundering Binance Probe Report Adds To Bitcoin Woes
  1. Home
  2. News
  3. Breaking News

Banker Busted Stealing After Bonus Checks Slashed

Banker

After the year stocks just had, millions of Americans should be feeling the 'wealth effect.' But for thousands of European bankers who saw their bonuses cut by as much as 20% for 2019, these are the equivalent of hard times for the 1%.

As a result, at least one banker with a purported 'seven-figure pay packages' has resorted to stealing from the company canteen just to quiet his rumbling stomach (or possibly because they simply forgot to pay after being distracted by work, honestly neither would surprise us).

According to the FT, Citigroup has suspended one of its most senior bond traders in London after accusing him of stealing from the company canteen.

Citigroup has suspended one of its most senior bond traders in London after the US investment bank accused him of stealing food from the office canteen.

Paras Shah abruptly left his post last month as Citi’s head of high-yield bond trading for Europe, the Middle East and Africa.

The bank suspended Mr Shah after alleging he had stolen food from the canteen at its European headquarters in Canary Wharf, London, according to four people familiar with the matter. Citi declined to comment.

Mr Shah declined to comment over email, referring inquiries to Citi. Related: Copper Slides Under Coronavirus Concerns

Paras Shah has a reputation for being one of the most high-profile credit traders in Europe, stretching back to before he joined Citigroup back in 2017.

The 31-year-old was one of the highest-profile credit traders in Europe, having joined Citi in 2017 after about seven years at HSBC. His job entailed matching buyers and sellers of junk bonds - debt from companies judged to be riskier borrowers - with two former colleagues telling the Financial Times that he was a well-liked and successful trader.

Even more painful for Shah: He was suspended just weeks before bonuses were due, though it's unclear how this might impact whether he will receive the bonus or not. Revenue in Citi's FICC group soared during Q4, but the bank's European bankers still saw bonuses reduced alongside most of their counterparts at European banks.

This isn't the first time a big bank has punished a senior banker for petty theft. In 2016, Mizuho fired a London banker after he was caught stealing a small part from a colleague's bike (the part was worth just £5).

And in 2014, Britain's FCA banned a former BlackRock executive from working in senior roles after he was caught dodging the train fare for his daily commute (he ended up paying £43,000 for being one of the Tube's most egregious scofflaws).

By Zerohedge.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment