Gary Stevenson, a former Citibank trader turned economic inequality campaigner, has captivated audiences with his rise from a working-class background to making millions on the trading floor. With his memoir The Trading Game becoming a best-seller and his outspoken critiques of capitalism gaining traction online, many have questioned the validity of his claims regarding his trading success and overall net worth.
Early Life and Background
Gary Stevenson was born in Ilford, East London, into a working-class family. His father worked for the Post Office, and his upbringing provided him with a unique perspective on economic disparities. Despite his humble beginnings, Stevenson pursued economics at the London School of Economics (LSE), where he first displayed his analytical prowess in finance and trading.
Rise in the Trading World
Stevenson’s big break came when he won a Citibank-sponsored trading competition, called The Trading Game, which earned him an internship and later a full-time role on the bank’s foreign exchange (FX) desk.
By 2011, Stevenson claimed to be Citibank’s most profitable trader globally, reporting $35 million in profits for the bank that year. However, this assertion has been contested by many of his former colleagues, who argue that while he was a successful trader, his profits did not place him among the absolute top performers within the bank.
Examining His Net Worth and Career Earnings
While Stevenson has not publicly disclosed his exact net worth, estimates suggest that he accumulated several million dollars during his tenure at Citibank. Some sources speculate his current net worth to be between $5-10 million, including earnings from his book sales, speaking engagements, and consulting work on economic inequality.
Breakdown of His Earnings:
- Citibank Salary & Bonuses: Stevenson’s total compensation during his time at Citi likely reached several million dollars, though he faced challenges in securing deferred stock bonuses upon his departure.
- Book Royalties: The Trading Game has been a commercial success, contributing significantly to his wealth.
- Speaking Engagements & Consulting: Stevenson is now among the highest-paid independent economic commentators, leveraging his experience to discuss financial inequities and market behavior.
Disputed Claims of Trading Success
Despite Stevenson’s claims of being Citibank’s most successful trader, many of his former colleagues, including senior managers, have challenged the accuracy of this narrative.
Key Discrepancies:
- Profitability Ranking: Senior FX traders have stated that $35 million in profits was significant but far from making Stevenson Citi’s top trader globally.
- Lack of Transparency in PnL Rankings: Citi’s internal reporting did not provide a bank-wide ranking system, making it unlikely that Stevenson could accurately claim his position as the most profitable trader.
- High-Performing Traders at Citi: Other traders, such as Rob Lloyd, reportedly made over $100 million in certain years, far exceeding Stevenson’s figures.
Departure from Citibank and Legal Disputes
Feeling disillusioned with banking, Stevenson sought an early exit from Citibank while attempting to retain $1.5-2 million in deferred stock compensation. He faced significant pushback from Citi’s management, leading to a protracted dispute over his compensation.
Ultimately, Stevenson managed to secure his stock, allowing him to walk away with a substantial financial cushion, which he later used to fund his economic research and advocacy efforts.
Transition to Economic Activism and Public Speaking
After leaving Citibank, Stevenson shifted his focus towards exposing the inequalities in modern capitalism. He began creating financial content, writing opinion pieces, and producing viral videos that resonated with audiences worldwide. His straightforward, no-nonsense style helped him gain a large online following, positioning him as one of the most influential economic commentators today.
His key messages revolve around:
- The widening gap between the rich and poor
- Flaws in the global financial system
- How central banks impact economic inequality
The Trading Game: Fact or Fiction?
While The Trading Game offers an engaging account of Stevenson’s experiences, several of his former colleagues question the veracity of his anecdotes.
- The “rigged” trading game story that led to his Citibank internship was verified as true by former Citi employees.
- His mentor character, “Bill”, closely resembles real-life Rob Lloyd, who was considered a top trader at Citi.
- However, his claims of being the best trader in the world remain highly disputed, with former Citi executives refuting this notion.
Future Prospects and Influence
Stevenson has successfully reinvented himself as a thought leader on economic inequality, with ongoing ventures in writing, speaking, and consultancy. His influence is set to grow as he continues to challenge mainstream economic narratives.
Potential future avenues include:
- Expanding his media presence through documentaries or podcasts.
- Consulting governments or institutions on economic policies.
- Investing in research projects on wealth distribution and financial systems.