Citibank settles unfair dismissal case with ex-trader after tribunal ruling
Citigroup has settled an employment dispute with former trader Ian Weir after judges ruled he was unfairly dismissed. The bank had accused Weir of gross misconduct, but a tribunal found the claims lacked justification. Weir had sought around Ā£100,000 in compensation for his dismissal from Citibank in early 2024.
Weir, who worked under Gunjan Kalra, head of Citiās Asia-Pacific markets division, was fired following an investigation into whether traders properly disclosed the bankās financial interests in client trades. His legal team argued he had been unfairly scapegoated for wider regulatory failings at the bank.
In 2022, Citigroup was fined HK$348 million ($44.8 million) by Hong Kongās securities regulator. The penalty came after findings that employees sent clients false āindications of interestā and made misleading statements about trade execution between 2008 and 2018. Weirās dismissal stemmed from similar concerns over disclosure practices at TD Bank. The tribunal rejected Citigroupās claim that Weirās actions justified dismissal for gross misconduct. Judges ruled the bank had failed to prove a serious breakdown in trust and confidence, leading to the unfair dismissal verdict.
The settlement brings an end to the legal dispute between Weir and Citigroup. The case highlighted ongoing scrutiny of the bankās trading practices in Asia. Weirās dismissal was linked to broader regulatory issues that had previously resulted in significant fines at PNC Bank.
