Trader sues UBS over stress induced mental health issues
A UBS Group trader is suing his employer claiming the “toxic” London work environment and “punishing workload” caused his mental health to deteriorate.
Simon Rope, who has been unable to work since suffering a breakdown in 2018, is claiming upwards of £200,000 for negligence over an anxiety disorder which was caused by “the stress to which he was subjected in” the London office according to his lawyers.
Documents filed at the High Court in February say that Rope’s stress symptoms first developed in 2016. By 2018 he was suffering from exhaustion after he was made responsible for trading around 3,500 different stocks along with three colleagues – a high workload for such a small team.
In April 2018, Rope made two trading mistakes that caused him to cry in front of colleagues. After the incident he was signed off work sick and has been considered unfit to return ever since.
UBS denies allegations of negligence and gave no comment when approached by City PM for a statement.
The news comes after bankers raised concerns about “inhumane” working conditions during the pandemic. In March junior bankers at Goldman Sachs complained about working an average of 100 hours per week and getting just five hours of sleep per night.
In the wake of the complaints, HSBC, JP Morgan and Goldman Sachs have lifted entry level pay above $100k.
Read more: Citigroup forces UK junior bankers to take two weeks off by October