A former Barclays executive said he felt "uncomfortable" and "awkwardness” having to suspend and eventually fire traders at the bank amid a probe into possible foreign-exchange manipulation.
Bloomberg News reports that Justin Bull, chief operating officer until April 2015, was at a London employment tribunal hearing for Jack Murray, a trader who was suspended in November 2013 and fired in mid- 2015. Murray is alleging that he was unfairly dismissed following accusations of breach of confidentiality, disclosure of proprietary information and using offensive language. Any allegations of market manipulation were dropped against Murray, Bull said.
"I felt extremely uncomfortable about the whole episode," said Bull, who sat on the investment bank’s internal steering committee that examined its role in the currency scandal at the time. “I did feel a huge amount of awkwardness and sympathy" towards the traders who faced suspension. “I became really rather vocal that we should bring it all to a closure.”
Murray is the latest in a line of currency traders to sue their former employers after banks, embroiled in the foreign-exchange market rigging scandal, made widespread firings in the wake of $10bn in fines.
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