Managers deliberately flouted rules for profit, ex-trader says
Perry Stimpson makes allegations at unfair-dismissal trial
A Citigroup Inc. trader fired amid a global probe into foreign-exchange rigging alleged that improper conduct was endemic in the bank’s currency-trading activities, ranging from front-running to disclosing client orders to competitors in a bid to boost the company’s own positions.
Perry Stimpson, who is suing the bank for unfair dismissal, said at a London employment tribunal Wednesday that he saw managers deliberately flout the bank’s own code of conduct. He also said he was pressured by senior staff into using electronic chat rooms to share information with traders at other banks.
“My dismissal was down to an error of judgment” he said, adding that he neither sought nor made any financial gain. “I will show where senior management have deliberately flouted the code to the detriment of customers and the benefit of the bank,” he said.