A Citigroup trader fired following global probes into foreign-exchange market manipulation said the bank turned a “blind eye” to sharing client information when it suited the business until regulators began lengthy investigations in 2013.
Bloomberg News reports that traders would routinely disclose client orders to rivals and salespeople would warn preferred clients about trades before they moved markets if it benefited Citigroup, Baris Ozkaptan, who is suing the bank for unfair dismissal, said in a witness statement made public Tuesday by a London employment court.
“The bank either turned a blind eye or took very limited action, which was consistent with the general approach to sharing client information at that time," Ozkaptan said in the statement. "If there was wrongdoing, it was not the fault of one or even some, it was in my view based on a misunderstanding, fed by a culture that applied to everyone."
Ozkaptan was fired for telling rivals the identities of clients in eight electronic chats during the 12 months ending in November 2012, Conor Davis, the bank’s head of EMEA credit sales, said November 23, the first day of the hearing.
To access the complete Bloomberg News article hit the link below: