Citi Reverses Course on Firing of Japan Trader Five Years On
Citigroup Inc. revoked the firing of a senior trader in Japan as part of a wrongful dismissal settlement following years of wrangling over problematic trading practices in the bank's Asia unit.
Ken Ohtaka's dismissal was rescinded after the two sides reached an agreement last month, according to a copy of the settlement seen by Bloomberg News. Ohtaka, Citigroup's ex-Japan agency trading head in Tokyo, rejected a confidentiality clause in the settlement so that he can talk openly about what he describes as a 'global witch hunt in search of scapegoats' that triggered several firings.
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