David Fotheringhame won a rare judgement which will see him return to the bank and earn $192,000 a year.
Despite the odds, David Fotheringhame, a previous trader at Barclays Plc, has won an unfair dismissal case against the multinational bank earlier this month. The 47-year-old was fired at the behest of the New York Department of Financial Services for misusing an electronic trading program.
According to a report by Bloomberg, Fotheringhame listened to executive after executive from Barclays claim that the bank could not rehire him because the trust had been broken down. His lack of skills and the inability to get regulatory approval were also reasons used against Fotheringhame to rehire him.
Despite all of this, Fotheringhame won a rare judgment which will see him return to the bank and earn £150,000 ($192,000) a year. While this is less than the £1.2 million per year he was earning before as a Managing Director and his new position of director of data commercialization is below his previous one, it is still a victory for him nonetheless.
This is particularly highlighted when considered that unfair dismissal cases are typically capped at £83,000. Usually, an ex-employee can only get more if there is a whistleblowing or discrimination claim.
An awkward verdict for Barclays
This verdict is awkward for Barclays, especially after officials from the firm said re-hiring him would be inappropriate following Fotheringhame’s criticism of the dismissal process. However, it does seem to show that perhaps it is worthwhile for bankers to proceed with an unfair dismissal case and go back to work.
In cases like these, if an employer refuses to accept the court judgment, then the fired employee could be entitled to additional compensation. During the hearing, Fotheringhame told the judge that he would be willing to accept any position in any department within the bank.
Fotheringhame's firing was ordered by the New York Department of Financial Services in 2015. This followed an investigation into the Last Look electronic trading program. At the time, the regulator told Barclays to “take all steps necessary” to eliminate Fotheringhame’s post.
Despite the odds, David Fotheringhame, a previous trader at Barclays Plc, has won an unfair dismissal case against the multinational bank earlier this month. The 47-year-old was fired at the behest of the New York Department of Financial Services for misusing an electronic trading program.
According to a report by Bloomberg, Fotheringhame listened to executive after executive from Barclays claim that the bank could not rehire him because the trust had been broken down. His lack of skills and the inability to get regulatory approval were also reasons used against Fotheringhame to rehire him.
Despite all of this, Fotheringhame won a rare judgment which will see him return to the bank and earn £150,000 ($192,000) a year. While this is less than the £1.2 million per year he was earning before as a Managing Director and his new position of director of data commercialization is below his previous one, it is still a victory for him nonetheless.
This is particularly highlighted when considered that unfair dismissal cases are typically capped at £83,000. Usually, an ex-employee can only get more if there is a whistleblowing or discrimination claim.
An awkward verdict for Barclays
This verdict is awkward for Barclays, especially after officials from the firm said re-hiring him would be inappropriate following Fotheringhame’s criticism of the dismissal process. However, it does seem to show that perhaps it is worthwhile for bankers to proceed with an unfair dismissal case and go back to work.
In cases like these, if an employer refuses to accept the court judgment, then the fired employee could be entitled to additional compensation. During the hearing, Fotheringhame told the judge that he would be willing to accept any position in any department within the bank.
Fotheringhame's firing was ordered by the New York Department of Financial Services in 2015. This followed an investigation into the Last Look electronic trading program. At the time, the regulator told Barclays to “take all steps necessary” to eliminate Fotheringhame’s post.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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