SWITZERLAND, FEBRUARY 06 – A top executive in Citigroup, one of the largest financial institutions in the world has been suspended for taking food from the company’s cafeteria without paying for it.
A top London trader at Citigroup may be learning the hard way that there is no free lunch. Not at the cafeteria in the bank’s headquarters in Canary Wharf, anyway.
Paras Shah, the head of high-yield bond trading for Europe, the Middle East, and Africa at Citigroup, was suspended last month after being accused of stealing food from the bank’s cafeteria, the Financial Times reported Monday.
Shah came from a lucrative part of Citi’s business. Revenue in fixed-income trading, a powerhouse in the bank’s markets division, jumped 49% last quarter compared with the year before.
Sources told the publication that Shah likely made over $1 million a year but was suspended right before bonus season.
It wouldn’t be the first time that people high up in the financial industry have sought to evade petty costs — nor the first time they’ve been punished for it. In 2014, the UK’s Financial Conduct Authority barred Jonathan Burrows, a managing director at BlackRock, from the financial industry after it found that he habitually avoided paying for his commute to London, ultimately evading over $67,000 worth of train tickets.