Does anyone know what happenned to the bankers that were sued by citibank for DATA THEFT last year ?
WHY IS UBS STILL EMPLOYING THOSE BANKERS ? DONT YOU THINK WE NEED HONEST EMPLOYEES TO WORK IN BANKS ?
Answers:
ya i think we need honest people to work in banks - read the article below
SINGAPORE (Reuters) - Citibank, which is suing six former employees in Singapore, said three of them had taken S$50 million ($32 million) of its private banking business when they defected to rival UBS, court documents show.
Citibank has filed lawsuits in Singapore's High Court against six former bankers who dealt with wealthy clients, saying some of them had urged clients to jump ship when they moved to UBS.
It said the former bankers had sent client details to their personal e-mail accounts before they quit to join UBS, adding that the U.S. bank had lost about S$50 million in client funds.
In affidavits, those bankers who have so far filed a defence either denied soliciting banking business from Citibank customers, or said information was sent to their personal e-mail addresses so they could work from home.
Disputes of this sort are rare in the genteel world of private banking.
But Citibank's action against former employees reflects intense competition for a small pool of qualified bankers as Singapore's fast-growing wealth management sector caters to an increasing number of rich Chinese, Indians and other Asians.
"In the financial services sector, private banking has been one of the fastest growing areas for Singapore, creating opportunities for these institutions," said Song Seng Wun, an economist at CIMB-GK Research.
"It's extremely competitive, so it's in their interest to protect their employees and clients from being poached," he said.
SOLICITING BUSINESS
Citibank is taking legal action to restrain several of its former employees from disseminating client information and from poaching its customers and employees.
It also wants the bankers to surrender all hardware and documents containing client information and is seeking damages.
"The privacy of customer, proprietary or confidential information is one of our highest priorities. We will always act to protect the privacy of such information," a Citibank spokesman said, repeating an earlier statement.
A UBS official said the bankers concerned were either on leave or had not yet started at the bank. The bankers named by Citibank could not be reached for comment.
Court documents show that Citibank is suing Carel Low, a former personal banker at Citibank who quit in May to join rival UBS, and her former assistant, Valarie Lim.
It is also suing three former relationship managers -- Elaine Tan, Rosalind Lee, and Esther Lim -- as well as a former branch manager, Jonathan Seah.
TRANSFERRED ACCOUNTS
Citibank said in a writ of summons filed on July 21 that Low solicited 11 of its customers, of whom six -- with assets under management totalling more than S$12 million -- have already transferred their accounts to UBS.
It said Low made use of the bank's confidential customer information for the purpose of UBS's business and that Low had solicited Citibank's customers and persuaded them to transfer their investments and transactions to UBS.
All of Low's clients who defected to UBS had listed Low as their new personal banker in the transfer forms, along with her new contact number at UBS, Citibank said in the court documents.
In an affidavit, Low denied that she had solicited Citibank's customers and employees, and said she had not deliberately forwarded e-mails with confidential client information to her personal e-mail account.
"My intention at material time was to forward to my personal e-mail account documents which were purely of a personal nature for my retention, i.e. personal e-mails from friends, photographs etc," Low said, according to the court documents.
She added that she was not in possession of the confidential information because her Web-based mail account, which filtered larger e-mails into a bulk mail folder, had automatically deleted the messages after a certain period without access.
Citibank said Tan, who left the bank in February, had sent information about clients, including their investments and contact details, to her personal e-mail account just 10 days before her resignation.
It also said that Tan had solicited 14 of Citibank's customers with total investments amounting to more than S$19 million. All of them have transferred their accounts to UBS, Citibank said. Tan has not yet filed her defence.
Citibank said that Lee had sent confidential documents to her personal e-mail four days before she resigned, and solicited six of its customers -- with assets amounting to more than S$19 million -- all of whom have transferred to UBS, according to court documents. Lee has not yet filed her defence.
Low's assistant Valarie Lim denied soliciting Citibank's customers and said she had sent information to her personal e-mail with the implied or expressed consent of the clients.
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