Trauma of the trader who thought he was relocating to Johannesburg for 24m Rand
People in Johannesburg don’t earn as much as in key financial centres like London. Unfortunately, one trader had reason to believe this wasn't the case.
In 2010, JPMorgan offered Kai Herbert, a Swiss currency trader at UBS £196k (2.4m rand) to relocate to Jo-burg. Unfortunately, it made an error on Herbert’s contract and wrote 24m rand (£1.9m) by mistake.
Herbert gladly accepted the offer and resigned in June 2010.
After realising he’d be paid 10x less, he didn’t turn up for his new role. JPMorgan kept the offer open until December and then rescinded it. Herbert is now attempting to sue JPMorgan for £580k, says Bloomberg. Worst of all: since resigning from UBS, he’s only had 8 months work – with Credit Suisse, which made him redundant last November.
