The gloves are off.
Bloomberg News reports that a Nomura trader who failed to tell his bosses about the deteriorating performance of a client that helped cause a $40m trading loss was "at best incompetent or at worst deceitful,” a senior manager said during the first day of a London employment lawsuit.
Giovanni Lombardo, who is suing the bank for unfair dismissal, "did nothing" to prevent losses resulting from the 2015 demise of his client Invexstar Capital Management Ltd., Mike Ward, Nomura’s head of equity sales, said in a statement submitted Friday to the court. Lombardo, who will probably give evidence this week, will claim it was not his responsibility to monitor his client’s trades, according to Ward’s statement.
Lombardo, who was paid 310,000 pounds ($446,000) in salary, "did not, as he should have done, spot significant concerns from Invexstar’s trading activities," Ward said. "I find it utterly unacceptable that the claimant thinks he didn’t have any obligation to monitor clients’ behavior as this is a central part of his day-to-day obligations in his role."
Hit the link below to access the complete Bloomberg News article: