Beautiful Virgin Islands

Tuesday, Jul 01, 2025

Citi suspends senior bond trader over alleged theft from canteen

Citi suspends senior bond trader over alleged theft from canteen

Paras Shah was one of the highest-profile traders in Europe’s junk bond market, but... once a banker - always a banker...
Citigroup has suspended one of its most senior bond traders in London after the US investment bank accused him of stealing food from the office canteen.

Paras Shah abruptly left his post last month as Citi’s head of high-yield bond trading for Europe, the Middle East and Africa.

The bank suspended Mr Shah after alleging he had stolen food from the canteen at its European headquarters in Canary Wharf, London, according to four people familiar with the matter.

Citi declined to comment. Mr Shah declined to comment over email, referring inquiries to Citi.

The 31-year-old was one of the highest-profile credit traders in Europe, having joined Citi in 2017 after about seven years at HSBC. His job entailed matching buyers and sellers of junk bonds — debt from companies judged to be riskier borrowers — with two former colleagues telling the Financial Times that he was a well-liked and successful trader.

Mr Shah is likely to have received a seven-figure pay package, according to rival traders and junk bond investors, and was suspended weeks before Citi was due to pay bonuses to senior staff.

Revenue in Citi’s fixed-income trading division surged 49 per cent in the fourth quarter of 2019, well ahead of analysts’ expectations, helping the bank hit its target for return on equity last year.

Financial institutions and regulators in the UK have in the past harshly disciplined executives alleged to have engaged in personal misconduct such as theft, even involving small amounts of money.

Japan’s Mizuho Bank fired a London banker in 2016 after he was caught stealing a part from a colleague’s bike worth about £5.

In 2014, the Financial Conduct Authority banned a former BlackRock executive from senior roles in the UK financial sector after he was found to have repeatedly dodged paying the train ticket for his commute to the City. Jonathan Burrows, who worked as a managing director at BlackRock Asset Management Investor Services, ended up paying £43,000 to settle the case when the extent of the evasion, which took place over several years, became clear.

Mr Shah’s LinkedIn profile shows that he graduated with an honours degree in economics from the University of Bath in 2010, joining HSBC’s fixed-income trading division the same year.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
×