A Citigroup trader fired following global probes into foreign exchange market manipulation should have known that sharing confidential information with rivals was wrong, the executive who dismissed him said in a lawsuit.
Bloomberg News reports that Baris Ozkaptan, an emerging markets trader who is suing the bank, told 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 in a witness statement made public at a London employment court Wednesday.
Ozkaptan is the fifth London-based FX trader to sue Citigroup for wrongful dismissal in the aftermath of the market manipulation scandal that cost banks about $10bn in fines. At least three other banks were also sued by traders fired amid the fallout.
"It is very clear what is confidential and what isn’t -- it should be common sense," Davis said while giving evidence. "Everyone knows what is and isn’t material, and if you ask a client, they wouldn’t want any disclosures of what they were doing whatsoever."
To access the complete Bloomberg News article hit the link below: