Sandwiches Turn Costly! Paras Shah, Citigroup’s Senior Trader Gets Suspended for Allegedly Stealing Food From Staff Canteen

Sandwiches turned costly! A Citigroup’s senior trader must have learnt a hard lesson that there is no free lunch. The Investment Bank has reportedly suspended trader Paras Shah, allegedly for theft. Shah has been accused of stealing sandwiches from the bank’s staff canteen. The alleged incident has taken place at Citigroup’s London headquarters. After his alleged theft came in the notice, Shah is being headlined internationally. It is not clear as to how many times this happened, but reports noted that Shah was earning more than 1 million USD a year including bonuses. His suspension came right before the bonus season. Citigroup to Pay USD 100M to Settle Rate Manipulation Charges. 

Shah was the head of Citigroup’s high-yield bond trading for Europe, the Middle East and Africa. Media reports noted that he joined Citigroup in 2017 after working as a trader for above six years at HSBC Holdings PLC. Shah studied economics and completed his graduation from the University of Bath, the UK in 2010. His job role was to match buyers and sellers of risky company debt. The Financial Times reported his suspension. As of now, nothing much related to the case have been informed. More information on the matter is awaited.

This is the first time any banker land himself in hot water over allegations of personal misconduct. In Japan, Mizuho Bank sacked a London baker in 2016 for allegedly stealing a part from a colleague’s bike. Again, in 2014, BlackRock director, Jonathan Paul Burrows was banned from working with the industry after he was caught regularly avoiding to buy train tickets on his commute to London.

(The above story first appeared on LatestLY on Feb 05, 2020 09:32 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).