Skip to content
Subscriber Only

This Is the Five-Word Message That Got a Citigroup Trader Fired

  • David Madaras begins his employment lawsuit against the bank
  • Madaras is one of five former employees to sue after FX probe
Updated on

A five-word message to a rival banker was enough to cost former Citigroup Inc. trader David Madaras his job as the bank fought to appease regulators probing the foreign-exchange scandal engulfing the industry.

Citigroup’s Timothy Gately disclosed the message on the first day of Madaras’s employment lawsuit in London Tuesday. The executive said the April 2011 chat constituted gross misconduct and firing Madaras was the only appropriate sanction.