Petty theft
Mr. Shah is not the first leading City figure to have faced serious consequences because of alleged or proven petty dishonesty. In 2014, BlackRock director Jonathan Paul Burrows was banned from working in the financial services industry after he was caught regularly avoiding buying a train ticket on his commute to London. The Financial Conduct Authority (FCA) said he should have been a role model for others and his conduct had "fallen short of the standard expected for someone in his position". Mr. Shah's departure came weeks before the bank was due to pay annual bonuses to senior employees. He joined Citigroup in 2017 after spending seven years at HSBC. His job involved trading in junk bonds, which are issued by companies with low credit ratings or short track records as a means of raising cash. Because there is a risk that the company that issued them will default and render them worthless, they have to offer a higher return on investment, which is why they are also known as high-yield bonds.DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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