Former BNP Paras banker wins $1.8 million in compensation

A senior BNP Paribas SA banker fired after being accused of terrorizing subordinates on the trading floor was awarded nearly 1.7 million euros $1.8 million in compensation and lost bonuses.

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The Paris employment tribunal ruled Tuesday that Omar Alami, formerly the head of BNP's equity derivatives sales for Switzerland, Belgium and Luxembourg, was unfairly dismissed.

Coralie Ouazana, Alami's lawyer, said the decision vindicates her client, who has consistently maintained that he did nothing wrong.

Omar Alami is very satisfied with this decision, which clears his name after a three-year fight, Ouazana said in a statement. He had been accused of bringing extreme accusations against him without any proof, accusations that he has always disputed. Alami was sued after BNP fired him in 2019 after an internal report revealed that a rant at a trader he allegedly called useless in front of colleagues over a potential mistake. The document included testimony from employees, with Alami accused of emotional terrorism. The lawsuit echoes a case against UBS Group AG in London that raises questions about what is considered acceptable behavior on the trading floor. While the trader suing UBS said a toxic environment in which often bad-tempered colleagues would shout across the trading floor, the Swiss bank's lawyers suggested that this kind of pressured atmosphere is the unavoidable reality of the work of a city trader. BNP said in a statement that it may appeal the ruling.

The French bank said that the company has taken all necessary measures to protect its employees in accordance with the group's procedures. BNP Paribas does not tolerate behavior contrary to the respect and dignity of individuals, at all levels of the organization. The text of Tuesday s ruling giving details of the tribunal's reasoning won't be available for weeks. Alami had sought $4 million in his lawsuit.

During the Paris hearing last month, Alami told the court that his response to the trader who admitted to the possible error on a 1 million-euro trade was lively. He said that I was never humiliating, I was never aggressive or insulting. He disputed the other findings of the internal probe, saying that the statements from co-workers were anonymous, making it hard for him to counter them.

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