Citigroup’s senior bond trader Paras Shah has been suspended from his position after the US investment bank accused him of stealing sandwiches from the canteen. According to media reports, the bank suspended Shah after alleging that he had swiped sandwiches from the canteen at its European headquarters in Canary Wharf, London. Although, the company is yet to reveal how many times the alleged behaviour occurred.
About The Banker
Paras, a millionaire with an annual income of £1m a year including bonuses, joined the Citigroup in 2017, after seven years of experience at HSBC. He graduated from the University of Bath in 2010 with a degree in economics after attending the Latimer grammar school in Edmonton, north London.
Shah’s job entailed matching buyers and sellers of junk bonds — debt from companies judged to be riskier borrowers. He was suspended days before the company was due to pay bonuses to its senior employees and give an increment to them.
The trader left his position last month as Citi’s head of high-yield bond trading for Europe, the Middle East, and Africa. Following the embarrassment, he deleted his Linkedin account after the controversy.
As reported by DailyMail UK, Shah’s cousin Dinesh knocked at the banker’s property in north London where he lives with his wife Aarti, a senior research scientist, and admitted he was worried about the trader. Dinesh said,
The family have been trying to contact Paras but he’s not responding to our calls. We’re worried about him, that’s why I’ve come to his house.
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The blinds were drawn although neighbours had reported seeing Shah earlier in the day. His cousin added that Paras’ favourite sandwich is cheese and pickle. Adding further he said,
We are all very upset about this. Paras comes from a very good family and this is not the kind of behaviour we expect.
Unfortunately for Shah, the allegations come despite his role as one of Europe’s highest-profile credit traders.
However, Paras is not the first banker to land himself in such a controversy involving allegations of personal misconduct. According to a report by BBC, 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.
All we can say is, this is an irreversible incident in the banker’s life, however,, a firm learning for others who are resorting to such pettiness irrespective of their social status in society.
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