Want to talk to an expert employment law solicitor?

You'll receive a callback from a specialist within an hour

redmans-blog-newsThe Employment Tribunal has ruled in favour of a former Citibank forex trader in respect of his claims for unfair dismissal and wrongful dismissal after he was sacked for sharing information on the Bloomberg instant messaging application.

Mr Perry Stimpson was employed by Citibank N.A (“Citibank”) as a trader in its EMEA G10 Spot foreign exchange (“forex”) trading business in London from January 1989 to the date of his dismissal (20 November 2014).

In Mr Stimpson’s annual appraisals in 2009 and 2010 he was encouraged by his line manager to maintain contacts in the forex industry, and it was suggested to him that he could join an online chat room in order to obtain better market information. At the time Citibank had access to an online Bloomberg chat room facility that enabled members of the chat room to directly message each other. Mr Stimpson was not given guidance on what should and should not be posted in the chat room. However, a code of conduct was issued annually by Citibank which stated that employees should not disclose any confidential information to any third parties and, further, employees were provided with a handbook which stipulated that it should be assumed that any information gained in the course of employment should be deemed to be confidential.

In July 2010, concerns were raised by an employee to a senior manager that improper use was being made of the chatrooms. However, this complaint was not followed up. In January 2013 Citibank ordered its FX spot traders to stop using the chat rooms.

On 7 March 2014 Mr Stimpson was suspended from work and it was alleged that he had inappropriately shared client confidential information with traders at other banks in Bloomberg chat rooms between February 2010 and August 2010, including code names that identified clients of Citibank.

An investigation was undertaken and a formal disciplinary hearing was held. Mr Stimpson’s primary defence to the allegations put to him was that his actions should be considered in the context of the “normal” culture of information-sharing at Citibank  and that it would be unfair for Citibank to decide his case before an FCA investigation into forex trading at Citibank concluded.

In October 2015 the chair of the disciplinary hearing came to the conclusion that Mr Stimpson should be summarily dismissed on the basis of the allegations put to him.

On 15 November 2014 the FCA issued a ‘Final Notice’ and imposed a fine of just over £225.5 million. The Final Notice found that Citibank had failed to take adequate steps to ensure that its general policies concerning confidentiality, conflicts of interest and trading conduct were implemented in its G10 spot forex trading business, and that there was an absence of training and guidance on how these policies should be applied in the G10 forex trading business.

On 20 November 2014 a letter was sent to Mr Stimpson informing him that he was being summarily dismissed for gross misconduct.

Mr Stimpson brought claims to the Employment Tribunal for unfair dismissal and wrongful dismissal. The case came to the Employment Tribunal earlier this year, with the Employment Tribunal finding in Mr Stimpson’s favour in both claims. The Employment Tribunal held that Citibank’s investigation into Mr Stimpson had been too ‘superficial’ in nature, and reserved particular criticism for the ‘blinkered’ nature with which the managers had undertaken the disciplinary and appeal hearings – the Tribunal deemed that it would have been reasonable to take account of separate internal audits by Citibank and the FCA’s final notice, issues which were not considered by the various panels.

Despite finding in Mr Stimpson’s favour in his claims the Tribunal did, however, consider that Mr Stimpson had contributed to his dismissal by engaging in “foolish” chats on the online chatboards. The issues relating to contributory fault will be heard at a further remedies hearing.

Case: Stimpson v Citibank N.A ET/3200437/15

About

Redmans Employment Team deal with employment matters for both employers and employees, including drafting employment contracts and policies, advising employers and employees on compromise agreements, handling day-to-day HR issues, advising on restructures, and handling Employment Tribunal cases for both employers and employees

Call 020 3397 3603 to speak to one of the members of our employment team or email us on enquiries@redmans.co.uk.

Share →

Our awards

Request a callback

Your name

Your email

Your telephone number

Contact us

Please feel free to discuss your own position and concerns. Contact your nearest office on:

T: 020 3397 3603
E: enquiries@redmans.co.uk
W: www.redmans.co.uk

Testimonials

4.52 Average

21 Reviews

Redman's provided excellent legal employment advice for me during a difficult time in my employment. Chris was my lawyer, super efficient, quick, reliable and clearly very experienced in the matter. Could not ask for a better law firm to deal with your query if you are in need of some help. Would definitely use them again in the future. Highly recommending Chris.

Posted 3 weeks ago

Steven

Chris Hadrill was very professional and responsive. I would highly recommend him

Posted 3 weeks ago

Dinah

Very Efficient, with very quick email reply’s. I had a matter that needed resolving within a very short space of time and Redmans Solicitors were great with dealing with my matter quickly.

Posted 4 weeks ago

Ankar

At Redmans the solicitor that was dealing with me was Chris. He dealt with my situation smoothly with clear guidance and explanation

Posted 4 weeks ago

Anonymous

Clear, concise advice and guidance delivered by an experienced and very capable solicitor, within the timelines required

Posted 1 month ago

Anonymous

Very efficient service. I never had to wIt for more than a day for a reply to any of my queries and the matter was dealt with swiftly.

Posted 1 month ago

Anonymous

Very timely, thorough and helpful advice. Friendly and considerate of the needs of the client

Posted 1 month ago

Anonymous

Very prompt and attention to detail. Thank you for the service

Posted 1 month ago

Chris

Couldn’t be happier with how Redmans successfully handled our seemingly tricky case. By being clear and detailed every step of the way, with the utmost professionalism and courtesy, they made it an informative and eye-opening process, taking the stress out of the situation and ultimately delivered what you would want from such a service. I fully appreciate everything they have done, and if I am ever in need of such services in the future, they will be the first number I contact. Excellent.

Posted 1 month ago

Anonymous

Excellent work delivered with great quality

Posted 1 month ago

Dominic

Chris Hadrill was a great help both in terms of his advice and his expertise. He explained my options to me clearly and concisely enabling me to quickly make the right decision for me in the circumstance. I would not hesitate to recommend Chris or Redmans to friends or colleagues, and would certainly make Redmans my first port of call should I require a similar service in the future.

Posted 1 month ago

Kurt

Redmans gave excellent advice and helped me understand everything in clear concepts. Thank you!

Posted 1 month ago

Anonymous

Resolved my issues

Posted 1 month ago

Keith

Quick fast professional service.

Posted 1 month ago

Michael

"Prompt, efficient and practical advice that resulted in me getting some additional money tax free."

Posted 1 month ago

Anonymous

Patient and thorough advice given to me around my Settlement Agreement

Posted 2 months ago

Anonymous

"Excellent service, getting back to you promptly giving you very good advice."

Posted 2 months ago

Anonymous

I found Chris Hadrill to be an excellent help, he is very knowledgeable and gives good ,concise ,strategic advice .He makes himself readily accessible when you need him.I would personally highly recommend him.

Posted 2 months ago

Christine

Professional, efficient and reliable service provided. I strongly recommend them and I would use this service again.

Posted 2 months ago