Citigroup sent details of its central bank customers' trading activity to another client and handed out details of its foreign exchange order book to customers in electronic chatrooms, a former foreign exchange trader said in a witness statement to a London court on Thursday.
Reuters reports that Perry Stimpson, a former Citigroup currency trader who is claiming unfair dismissal, said the practices, which breached client confidentiality, were well known by senior managers.
'Our Investor Desk would comply with a weekly request from (a client) for details of Central Bank activity that Citi had transacted', Stimpson said in his witness statement to an employment tribunal in London. Stimpson did not specify which central banks he was referring to.
He said Citi's global head of trading at the time, called a halt to sending round the "central bank survey", as Stimpson said it was referred to, in mid-2013 because he decided it was wrong. He did not elaborate.
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