A former HSBC Holdings Plc trader who alleged the bank turned against him after he blew the whistle about potentially exorbitant fees paid to brokerages lost his claim for €1.4 million ($1.4 million) at a Paris employment tribunal.

Yoram Loeb, who managed a team focusing on exotic indexes, had claimed his career development at HSBC in Paris stalled after he took his concerns over “very large irregularities” in the levies to senior management in London.

Rather than freeze him out, the tribunal said the bank increased his base pay — excluding his bonus — from €150,000 to €169,000 between 2019 and 2021. The panel of judges, based on numbers provided by HSBC, considered that was very much in line with amounts made by traders in the same situation as Loeb — on average, €149,928 for 2019 and €161,250 for 2021.

Source: FINANCE.YAHOO