Ex-Lloyds trader says he was fired for whistleblowing on a bad Tesco deal

A former Lloyds currency trader said the bank made him redundant after he blew the whistle on improper trading practices, according to a Guardian report.

Paul Carlier, who was made redundant in September 2014, raised concerns two months earlier about a currency trade for client Tesco.

The bank’s salespeople are alleged to have made a profit at the expense of their client by not fully completing the order, according to court testimony reported by Bloomberg.

Carlier, who is representing himself, said, “I was targeted. I was selected and that was it, and everything that happened thereafter was window-dressing to make it fit,” as he was cross-examined by Anders Henrikson, the bank’s head of foreign exchange product.

According to the Bloomberg report, Henrikson said Carlier’s firing was due to missing trading targets. Carlier only made £557,000 ($US853,000) for the bank, missing his target of £1.75 million ($US2.7 million).

Henrikson compared his performance to Martin Chantree, another Lloyds trader, who made £3.7 million ($US5.7 million) during 2013, more than his £3.5 million ($US5.4 million) target.

Damages in UK employment disputes are usually capped at £78,000 ($US121,000), unless the court finds the employer discriminated against the employee or the claimant wins whistleblower status.

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