A former foreign exchange trader claiming he was unfairly dismissed by Citigroup said the sharing of client information looks wrong now it has come under scrutiny from regulators, but was condoned by senior management at the time.
Reuters reports that Perry Stimpson, a forex trader at the banking group until he was fired last November, is claiming unfair dismissal at a London employee tribunal. Citi says he was dismissed for serious breaches of contract, alleging he shared confidential client information with traders at other banks via electronic chatrooms.
'Now in the glare of scrutiny from regulators these activities look wrong. But at the time they were market convention', Stimpson said under cross-examination on Friday.
Stimpson said he saw senior forex staff sharing information about client activities, and even more senior staff effectively condoning this activity as they were aware of it but took no action.
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