Former Citi spot FX trader Carly McWilliams takes a swipe at Citi in employment Tribunal
A former interbank G10 spot FX trader who left Citi in London in November 2014 after 16 years at Director level has told an employment Tribunal in London last week that FX traders were encouraged to share client orders with employees of other banks by executives at the bank. Citi, which is a very prominent […]
A former interbank G10 spot FX trader who left Citi in London in November 2014 after 16 years at Director level has told an employment Tribunal in London last week that FX traders were encouraged to share client orders with employees of other banks by executives at the bank.
Citi, which is a very prominent FX dealer in the interbank sector, fired Carly McWilliams when she was fired from her position in November 2014 whilst on maternity leave, with the bank alleging that she had taken a part in the FX rate rigging scandal as the reason for her dismissal.
In August last year, Ms McWilliams filed an unfair dismissal claim along with three other FX traders Perry Stimpson, David Madaras and Robert Hoodless. Mr Stimpson actually won his unfair dismissal claim against Citi in November 2015.
Ms. McWilliams told the Tribunal that the bank enforced impossible standards of perfection to retrospectively condemn practices that it had encouraged in the past.
These practices, according to Ms. McWilliams, include the sharing of confidential client orders with traders at other firms.
Countering this, executives from Citi testified at the Tribunal that traders were encouraged to build relationships with rivals but were not allowed to share information relating to orders.
Ms. McWilliams made a statement at the Tribunal, saying:
“My dismissal is overwhelmingly harsh and inappropriate, given that the alleged offenses were nothing other than normal practices of my everyday job at the time, that were encouraged, condoned, required and indeed rewarded by management. I have been singled out, easy cannon fodder whilst off on maternity leave.”
Citi’s lawyer Thomas Linden, questioning Ms. McWilliams, said
“It was perfectly obvious that the relationship between the bank and its clients was confidential, and you understood that. You understood that it was fundamental to the bank and its clients that their affairs would be kept confidential.”
To this, Ms. McWilliams replied “broadly yes.”
Ms McWilliams cites that damages to her career include the likelihood that headhunters will not contemplate hiring her with a gross misconduct report on her record.
The case continues.
