Financial services firms fire people. It's a sad fact of life, but it also comes with the territory of what can be very high pay at a comparatively young age and the ability to wear a vest/gilet in all weathers if male.
When you are fired from your financial services job, you have three options. You can go quietly. You can go noisily. Or you can go quietly and then make a noise. If you choose option three, you can sometimes use the law to amplify the noise that is made.
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Two people, one at Citi and one at JPMorgan have recently chosen the third option.
At Citi, Bloomberg reports that Reagan Nettleingham, a former salesperson in the bank's industrial metals sales team, was among various commodities professionals let go when the US bank quietly shaved its physical industrial metals business earlier this year.
Nettleingham's 10 other former colleagues seem to have gone quietly and we know nothing of them. Nettleingham himself, however, is currently in a London employment tribunal arguing that he was targeted because he made "protected disclosures" relating to "rogue sales" of agricultural commodities last year. As such, he is a whistleblower. As a whistleblower, he will be entitled to uncapped compensation if he wins his case.
Will he win his case? Citi's lawyers are saying he was simply made redundant as a result of weak performance in the unit and that they investigated the "processes and procedures" he was complaining about and found...
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