Paras Shah, a high-flying banker has been suspended after allegedly stealing sandwiches from the staff canteen.
Photo: Pixabay
Paras Shah, a high-flying banker has been suspended after allegedly stealing sandwiches from the staff canteen. Photo: Pixabay

Citigroup banker earning £1m a year suspended for 'stealing sandwiches from the staff canteen'

By Alice Cachia Time of article published Feb 4, 2020

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INTERNATIONAL - A high-flying banker has been suspended after allegedly stealing sandwiches from the staff canteen.

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

Shah is likely to have been earning a seven-figure salary. His profile shows he was promoted to head of Europe, Middle East and Africa high-yield credit trading after only two months with Citi

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 £183740, but 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 £1 million.

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.

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.

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

His Facebook page suggests he enjoys exotic holidays, and posts show he has visited Petra in Jordan and Machu Picchu in Peru.

He would not be the first banker to land himself in hot water over allegations of personal misconduct.

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

And in 2014 Jonathan Burrows, a former BlackRock executive, was found to have repeatedly dodged paying train fares for his commute.

The Financial Conduct Authority banned the ex-fund manager from any future senior roles in the UK finance sector and Mr Burrows ended up paying £43000 to Southeastern trains to settle the case.

Citigroup declined to comment to the Financial Times. Mr Shah was contacted for comment.

DAILY MAIL 

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