Citi Concedes Procedural Errors in Dismissal of FX Trader

Citibank in the US has admitted that it failed to follow correct procedures in its dismissal of a currencies trader. In a claim for unfair dismissal, Citi informed the tribunal that it would not contest the procedural aspects of the case, though it maintained that it was correct in its decision to dismiss the trader.

The trader, Rohan Ramchandani, is pursuing a claim for unfair dismissal on the grounds that he was summarily dismissed without being shown any evidence or documents to substantiate claims that he had acted incorrectly in his trading role. He submits that he was not given a chance to respond to any allegation.

The employment claim follows a criminal trial in New York, in which Ramchandani was found not guilty of malpractice. The tribunal process continues.