Kweku Adoboli, 38, was jailed for seven years in 2012 for two counts of fraud that cost the Swiss bank £1.4bn in losses.
At the time, prosecutors had said he was motivated by his bonus, his status and his ego, but his supporters say he was a scapegoat.
He was released in June 2015, having served half of his sentence, and it was expected that he would this week be deported for his crimes.
But his lawyers lodged a judicial review and injunction against the deportation on the grounds of public interest.
They said that his offence was not violent and he cannot re-offend as he no longer holds a banking licence.
They also said that he had been teaching at several universities and working with an initiative promoting responsible leadership since his release from prison.
On Tuesday afternoon, just a few hours before the expected deportation, the lawyers were told the applications were successful “until such time as the outcome of the review is determined”.
The review is likely to take several months and lawyers for Adoboli are trying to get him bailed in the meantime so he can return to his partner Alice.
He is currently being held at an immigration removal centre in West Drayton.
Friend and campaigner Nick Hopewell-Smith said: “Even if Kweku is a foreign national on paper, sending a 38 year old man to a country where he has not lived since the age of four is absurd, given that he has lived in Britain since the age of 12 and the UK is where his friends and partner live and where his family life is based.
“Kweku Adoboli may have been born elsewhere, but he was forged in Britain.”
Adoboli’s lawyers said he left Ghana as a child and since the age of 12 he has lived in the UK.
His case has been backed by 132 MPs and MSPs who have asked home secretary Sajid Javid to intervene.
The decision to deport him, however, has been upheld by several courts.
Immigration Minister Caroline Nokes has said that all foreign nationals sentenced to more than four years are subject to automatic deportation unless there are compelling reasons for them to remain.
She wrote: “Financial crime, like all crime, has an impact on the society that we live in and the public expects robust action to be taken against foreign nationals who abuse our hospitality by committing crime.”