Former FX Trader Says Boss Offered 'Bribe' to Cover Up Error [Bloomberg Business News]
Royal Bank Of Canada (RY)
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Source: Bloomberg Business News
A former Royal Bank of Canada currency trader sued the lender for 13 million pounds ($18 million) for unfair dismissal, alleging that a senior manager had offered him a "bribe" to cover up a trading error. John Banerjee said in a witness statement at an employment tribunal in London this week that six months after joining RBC in June 2015 as an emerging market foreign-currency director, he lost $880,000 overnight because a colleague failed to carry out an order to abandon a trading position when the South African rand suddenly appreciated. When Banerjee’s colleague denied making an error, he said he asked RBC’s global head of foreign currency trading, Ed Monaghan, to investigate. Monaghan stalled and, when Banerjee insisted on a proper investigation, flew into a "rage." “An investigation will make the department look bad, and that means you will look bad,” Banerjee cited Monaghan as saying. “Is it the loss that bothers you? I’ll cut you a check for the
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