Profit & Loss understands that David Fotheringhame, former head of automated flow trading at Barclays, has won his claim for unfair dismissal against the bank.
Sources familiar with the matter say that a judgement to be made public later this week, will find for Fotheringhame, although the judge at East London Employment Tribunal has decided that he was 20% to blame for his own dismissal and ordered the settlement and compensation be appropriately adjusted. Fotheringhame claimed that the bank dismissed him to appease US regulators who had demanded his dismissal in a public notice.
Reading the summary of Employment Judge Jill Brown, who found that Barclays had unfairly dismissed its former head of automated FX trading David Fotheringhame earlier this week (and yes, you did read it here first!), I found myself shaking my head at yet another example of a bank throwing a member of its staff under the bus. The more I read, however, I found myself thinking that everyone involved was being shoved in front of the number 45 - thanks to a regulator's hastiness.
Galen Stops is back on duty for this week's In the FICC of It podcast and he and Colin Lambert have a lot to get their teeth into. Starting with a response to Lambert's question from episode 37 as to why the Cartel were in a chatroom anyway, our podcasters discuss the throwing out of the case against former Barclays' FX head Robert Bogucki in the US. Staying with that bank, they then discuss a website set up by Barclays' former head of automated trading David Fotheringhame that is "a public defence of last look". Listeners will be glad to hear that Lambert doesn't bang on for too long on one of his favourite subjects, preferring instead to move the conversation onto exchange in FX, with the question, "will scale ultimately win the day?"