E-Paper
Indian-origin London trader suspended for stealing food
Financial institutions and regulators in the UK have in the past disciplined executives alleged to have engaged in personal misconduct such as theft, even involving small amounts of money.
Paras Shah, a senior bond trader in London’s financial district, has been suspended by Citigroup for allegedly stealing food from the office canteen at its European headquarters in Canary Wharf.
The Financial Times reported on Tuesday that Shah, 31, abruptly left his post in January as the bank’s head of high-yield bond trading for Europe, the Middle East and Africa.
It added that the bank and Shah declined to comment on the suspension.
Shah reportedly joined Citi in 2017 after about seven years at HSBC. His job entailed matching buyers and sellers of junk bonds — debt from companies judged to be riskier borrowers. Two former colleagues told the paper that he was a well-liked and successful trader.
“Shah is likely to have received a seven-figure pay package, according to rival traders and junk bond investors, and was suspended weeks before Citi was due to pay bonuses to senior staff”, Financial Times reported.
Shah graduated in economics from the University of Bath in 2010, according to his LinkedIn profile.
Financial institutions and regulators in the UK have in the past disciplined executives alleged to have engaged in personal misconduct such as theft, even involving small amounts of money.
