Investment bank Citigroup has suspended a senior trader allegedly accused of stealing food from the staff canteen, media reports say.
The trader, Paras Shah, is reported to have been earning more than £1m a year including bonuses.
He was removed from his post as head of high-yield bond trading for Europe, the Middle East and Africa last month, the Financial Times reported.
Citigroup has refused to make any comment on the allegations.
According to reports, Mr. Shah, aged 31, was suspended following allegations that he helped himself to sandwiches from the canteen at the bank's London headquarters in Canary Wharf.
It is not clear how many times this happened or over what period of time the alleged behaviour occurred.
The BBC has attempted to contact Mr. Shah on LinkedIn, but his profile was unavailable and appears to have been deleted.
Petty theft
Mr. Shah is not the first leading City figure to have faced serious consequences because of alleged or proven petty dishonesty. In 2014, BlackRock director Jonathan Paul Burrows was banned from working in the financial services industry after he was caught regularly avoiding buying a train ticket on his commute to London. The Financial Conduct Authority (FCA) said he should have been a role model for others and his conduct had "fallen short of the standard expected for someone in his position". Mr. Shah's departure came weeks before the bank was due to pay annual bonuses to senior employees. He joined Citigroup in 2017 after spending seven years at HSBC. His job involved trading in junk bonds, which are issued by companies with low credit ratings or short track records as a means of raising cash. Because there is a risk that the company that issued them will default and render them worthless, they have to offer a higher return on investment, which is why they are also known as high-yield bonds.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
Latest Stories
-
Asantehene receives 28 looted artefacts
53 mins -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
2 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
2 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
2 hours -
Government is “suppressing information” about power sector challenges – IES Director
2 hours -
Majority of our debts caused by forex shortfall – ECG Boss
3 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
3 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
3 hours -
Top up your credit to avoid potential disruption – ECG to Nuri meter customers
3 hours -
Dutch & Co wins 2024 Entrepreneur of the Year Award
4 hours -
We’ll cut down imports and boost consumption of local rice and other products – Mahama
6 hours -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
7 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
8 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
8 hours -
ECOWAS deploys observers for Dec. 7 election
8 hours