A JPMorgan foreign-exchange salesman who was fired for failing to follow rules introduced in the wake of the market-rigging scandal said his suspension left him anxious and isolated and eventually cost him $3m.
Bloomberg News reports that Patrice Ktorza, a former executive director, is suing the bank for unfair dismissal in a London tribunal. He was suspended in November 2014 for “partially filling” a trade, a practice the bank stopped salespeople from carrying out after a review of its practices in the wake of the foreign-exchange manipulation scandal.
"Being suspended for nearly a year over this matter was truly disastrous for me financially," Ktorza said in a witness statement made public Friday. The suspension for such a long period suggests “other forces were at play and that the outcome had either been predetermined or the bank wanted to make an example of me."
Ktorza is among a growing list of foreign-exchange traders and salespeople to sue their former employers in recent months, claiming banks were too quick to dismiss workers while attempting to impress regulators.
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