Citigroup banker Paras Shah, earning £1 million/year, suspended for 'stealing sandwiches'
Paras Shah was removed as Citigroup’s head of high-yield bond trading for Europe, the Middle East and Africa in January following allegations that he had been stealing food from its headquarters at Canary Wharf in east London.
Investment bank Citigroup has suspended a senior trader, who is likely to have been earning a seven-figure salary, for allegedly stealing sandwiches from the staff canteen in London.
Paras Shah, 31, was removed as Citigroup’s head of high-yield bond trading for Europe, the Middle East and Africa in January. He was suspended following several allegations that he had been stealing food from its headquarters at Canary Wharf in east London, according to a Financial Times report.
Shah, one of Europe’s highest-profile credit traders, is reported to have been earning more than £1 million a year, including bonuses. His suspension came weeks before senior staff at Citi were due to be paid their annual bonuses.
It is not clear how many sandwiches Shah is alleged to have stolen, or over what period the alleged thefts took place.
Citigroup has refused to comment on the allegations.
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.
According to Shah’s profile, he graduated from the University of Bath in 2010 with a degree in economics.
He joined HSBC’s fixed-income trading division scheme the same year and spent seven years with the bank before joining Citi in 2017.
He was then promoted to head of Europe, Middle East and Africa high-yield credit trading after only two months with Citi, states his profile. His Facebook page suggests he enjoys fancy holidays. Apparently, he has visited Petra in Jordan and Machu Picchu in Peru.
But Shah is not the first leading City figure to have faced serious consequences over allegations of personal misconduct.
In 2016, Japan’s Mizuho Bank sacked a London banker after he was caught stealing a part worth £5 from a colleague’s bike.
In 2014, BlackRock Director Jonathan Paul Burrows was banned from working in the financial services industry after he was caught regularly avoiding buying a train ticket on his commute to London.