Citigroup trader says bank turned ‘blind eye’ to misconduct

[LONDON] A Citigroup Inc 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.

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,” Mr 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.”

Read on.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s