Investment bank Citigroup suspended one of its senior traders for allegedly stealing food from the staff canteen, according to the media reports.

The step was taken after Paras Shah, who reportedly earns over 1 million euros annually, was accused of stealing sandwiches from the canteen at the bank's London headquarters, said reports.

The suspension of Shah, who joined Citigroup in 2017 after spending seven years at HSBC, comes weeks before the bank was due to pay annual bonuses to senior employees, according to reports.

Shah was removed from his post as head of high-yield bond trading for Europe, the Middle East and Africa last month, the Financial Times reported.

However, Shah is not the first leading investment banking figure to have faced serious action over petty crimes. In 2014, BlackRock director Jonathan Paul Burrows was banned from working in the financial services industry after he was caught regularly commuting to London on train without ticket, according to reports.