Hayes joined UBS in 2006 and worked at the Swiss lender until 2009, when he joined Citigroup Inc. He was dismissed by Citigroup less than a year later for involvement in suspected rate-rigging, a person with knowledge of the matter said in October. He worked at Edinburgh-based RBS from 2001 to 2003.
One of the highest-earning traders at UBS, Hayes generated about $40 million in revenue for the bank in 2007, $80 million in 2008 and $116 million in 2009 before he left to join Citigroup, according to the CFTC, which didn’t identify Hayes by name.
The “volume of unlawful requests submitted by one particular senior yen derivatives trader in Tokyo dwarfed them all,” the agency said.
From 2006 to 2009, he made at least 800 requests for specific rate submissions to the firm’s yen-Libor rate-setters, about 100 to traders at other banks, and 1,200 to interdealer brokers, according to the CFTC. Yen Libor reflects how much banks charge each other for loans in the Japanese currency.