A UK trader earning R15 million a year has been suspended for allegedly stealing food from the company
- The head of fixed-income trading for Europe, the Middle East, and Africa has been suspended from Citigroup, The Financial Times reported.
- The trader made over $1 million a year (around R15 million), but is alleged to have routinely evaded paying for his lunch in the company cafeteria.
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A top London trader at Citigroup may be learning the hard way that there is no free lunch. Not at the cafeteria in the bank's headquarters in Canary Wharf, anyway.
Paras Shah, the head of high-yield bond trading for Europe, the Middle East, and Africa at Citigroup, was suspended last month after being accused of stealing food from the bank's cafeteria, the Financial Times reported Monday.
Shah came from a lucrative part of Citi's business. Revenue in fixed-income trading, a powerhouse in the bank's markets division, jumped 49% last quarter compared with the year before.
Sources told the publication that Shah likely made over $1 million (around R15 million) a year but was suspended right before bonus season.
It wouldn't be the first time that people high up in the financial industry have sought to evade petty costs — nor the first time they've been punished for it.
In 2014, the UK's Financial Conduct Authority barred Jonathan Burrows, a managing director at BlackRock, from the financial industry after it found that he habitually avoided paying for his commute to London, ultimately evading over $67,000 (around R1 million) worth of train tickets.
Neither Citigroup nor Shah could be reached immediately for comment by Markets Insider, and both declined to comment to the Financial Times.
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