EMPLOYMENT LAWSUIT
Citigroup booted trader after five-word message went rival
The chatroom message was enough to cost former Citigroup trader David Madaras his job amid foreign-exchange scandal
London — A five-word message to a rival banker was enough to cost former Citigroup trader David Madaras his job as the bank fought to appease regulators probing the foreign-exchange scandal engulfing the industry. Timothy Gately, Citigroup’s Europe, Middle East and Africa head of equities, disclosed the message on the first day of Madaras’s employment lawsuit in London on Tuesday. The executive said the April 2011 chat constituted gross misconduct and firing Madaras was the only appropriate sanction. "He’s a seller-fking a," Madaras told a rival trader who had just disclosed the identity of a client, Gately said in a filing prepared ahead of the hearing. That chatroom message "validated an external trader’s disclosure of a client name," Gately said in the filing. Madaras is one of five forex currency traders and salespeople based in London to sue Citigroup for wrongful dismissal in the aftermath of the market-manipulation scandal that cost banks about $10bn in fines. At least three ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.