A Citigroup trader fired amid a global probe into foreign-exchange rigging alleged that improper conduct was endemic in the bank’s currency-trading activities, ranging from front-running to disclosing client orders to competitors in a bid to boost the company’s own positions.
Bloomberg News reports that Perry Stimpson, who is suing the bank for unfair dismissal, said at a London employment tribunal Wednesday that he saw managers deliberately flout the bank’s own code of conduct. He also said he was pressured by senior staff into using electronic chat rooms to share information with traders at other banks.
'My dismissal was down to an error of judgment' he said, adding that he neither sought nor made any financial gain. 'I will show where senior management have deliberately flouted the code to the detriment of customers and the benefit of the bank', he said.
His defence hinges on the allegation that the 'information sharing' that resulted in his dismissal was prevalent, not only among traders, but among senior managers who went unpunished.
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