Documents published by the East London Employment Tribunal indicate that former HSBC global head of FX and commodities, Frederic Boillereau, has brought an action against four senior managers at the bank as well as the institution itself.
The first day of the hearing is scheduled for Tuesday, January 28 and HSBC, former head of global markets Thibaut de Roux, CEO of global banking and markets Samir Assaf, former bank CEO John Flint and chief legal officer Stuart Levey are the defendants.
Boillereau left HSBC in July 2018 after 20 years at the bank and in an internal memo seen by Profit & Loss at the time, de Roux wrote, “I would like to take this opportunity to thank Frederic for his significant contribution since joining HSBC 20 years ago. His efforts have ensured the FX and global markets corporate services businesses are better placed to serve our client base with the products and services they need. I wish him well for the future.”
Although further details are unavailable, tribunal documents indicate that he is suing the bank for alleged failure to pay wages or unauthorised deduction of wages and, importantly, that he “Suffered detriment(s) because of exercising rights under the Public Interest Disclosure Act”, in other words whistleblowing.
The fact that he is claiming whistleblower status is important because if granted, it removes the GBP 80,000 ceiling on pay outs for unfair dismissal under British employment law.