Jan 31, 2020

HSBC makes late settlement with ex-currencies head

The former global head of currencies and commodities at HSBC has reached an 11th-hour settlement with the UK bank and executives including the previous CEO John Flint in an employment claim over unfair dismissal. Frederic Boillereau named Stuart Levey, HSBC's chief legal officer; Samir Assaf, the chief executive of the bank's global banking and markets group; and Thibaut de Roux, the former markets head, alongside Mr Flint and the bank in his claim. Mr Flint was group chief executive of the bank for less than 18 months, from February 2018 until August last year, when he was ousted after losing the confidence of the bank's directors. Mr Boillereau spent 20 years at HSBC, eventually becoming global head of currencies and commodities before he left the bank in July 2018. The bank conceded last year that it had failed to follow correct procedure in the 2014 dismissal, but a judgment is outstanding on whether Citibank should give Mr Ramchandani his job back.

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