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Banker earning N470m a year suspended for stealing sandwich at staff canteen

banker suspended


Banker earning N470m a year suspended for stealing sandwich at staff canteen

A senior banker with America’s multinational investment bank and financial services corporation, Citigroup, has been suspended for allegedly stealing sandwiches from the staff canteen.

Paras Shah, 31, who reports said is likely to have been earning a seven-figure salary was, before his suspension, Citigroup’s head of high-yield bond trading for Europe, the Middle East and Africa.

He was removed from the position last month.

The bank suspended him following numerous allegations that he had been stealing food from its headquarters at Canary Wharf in east London, the Financial Times reported.

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It is unclear how many sandwiches Shah is alleged to have stolen, or over what period the alleged thefts took place.

The allegations come despite his role as one of Europe’s highest-profile credit traders.

The employee review website Glassdoor says the average salary for a credit trader is £183,740, but DailyMail reported that Shah is likely to have earned far more than that given his senior role at Citi.

A banking source told the Press Association news agency that those in similar positions at other banks could earn more than £1million (N470 million at N470 exchange rate).

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It was Shah’s job to match buyers and sellers of risky company debt and according to his LinkedIn profile he is skilled in securities, trading and risk management.

His suspension came weeks before senior staff at Citi were due to be paid their annual bonuses.

Shah’s profile shows he graduated from the University of Bath in 2010 with a degree in economics after attending the Latymer grammar school in Edmonton, north London.

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He joined HSBC’s fixed-income trading division scheme that year and spent seven years with the bank before joining Citi in 2017.

Shah’s profile shows he was promoted to head of Europe, Middle East and Africa high-yield credit trading after only two months with Citi.

Citigroup declined to comment to the Financial Times.

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