Ex-Barclays trader wins £150k and a new position at the bank

Written by Oliver Wade
17/08/2018

A former Barclays trader who was dismissed for misuse of the of the ban’s electronic trading program has won £150,000 in damages, along with the entitlement to work for the bank again.

Barclays fired David Fotheringhame in September 2016, after being accused of gross misconduct relating to his use of the Last Look program, which allows traders to temporarily put a hold on requests. The bank dismissed Fotheringhame after it had reached a $150m (£118m) settlement with the Department of Financial Services in New York.

However, in March 2018, Judge Brown found Fotheringhame “not guilty of culpable and blameworthy conduct” when he applied the program to all clients, without attempting to distinguish between “toxic” and “benign” ones.

Fortheringhame commented that his dismissal from the bank was “bogus” and designed to satisfy the regulator, which Barlcays had previously claimed was “misconceived”.

Bloomberg yesterday reported that Fotheringhame would once again be employed by the bank as a director of data commercialisation, below his previous position, for which he commanded an annual salary of $1.2m.

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