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TOP STORIESMost Dresdner Kleinwort bankers can't be bothered to sue17 June 2009By Sarah Butcher COMMENTSLiken it to some mentally challenged person stealing from you and then justifying it - not worth trying to debate with someone whose capabilities prevent them understanding who you are or what you are saying... Read all comments »According to Bloomberg, former Dresdner Kleinwort employees are unleashing their fury over Commerzbank’s alleged decision not to pay promised bonuses and to withhold their severance payments, and are taking the bank to court.
There aren’t very many furious Dresdner bankers though. Bloomberg says only eight are going ahead with court cases. They’re all former senior Dresdner Kleinwort bankers and executive committee members.
This seems a bit disappointing. Dresdner Kleinwort has made around 1,200 redundancies and formerly employed around 2,000 staff in London. Many of its employees don’t seem to have received the bonuses they thought they’d been promised, so why aren’t they in court too?
Ronnie Fox of Fox Lawyers tells us most are quietly getting on with life. “Some people have got jobs elsewhere and don’t want to prejudice them by making claims when it’s so hard to find another one. And others are worried about the cost – a case like this will cost £100k+ and it’s not unknown for a large and powerful organization simply to outspend an individual claimant.”
It also seems many ex-Dresdner bankers have been encouraged not to complain by the bank’s refusal to pay generous severance packages unless they signed a compromise agreement first.
One of the 45 Dresdner bankers who joined Evolution in May said he’d signed a severance package and therefore couldn’t talk to us. But he added that there’s a huge difference between what even senior bankers had been promised in bonuses and what executive committee members were supposed to get.
For most DK bankers, suing Commerz just isn’t worth the hassle.
COMMENTSthe observer, Debt / Fixed Income, Wed 17 Jun 09Face it - most DK bankers have atrophied. Numbed by countless hours of doing nothing and weighed down by the inertia of indolence, just the thought of switching on a PC has become terrifying enough to these people, let alone suing. Add your comment »Henry, FX & Money Markets, Wed 17 Jun 09No surprise they're not wasting time and money going to court. They are entirely within their legal right - they have good explicit proof that they were guaranteed / promised bonuses, but in this environment I can't really see a judge being sympathetic to their cause... Add your comment »Successful, Trading, Wed 17 Jun 09It serves them right for not being good enough to get into a tier-1 bank and thus having to settle for mediocrity. If you're a monkey you deservedly get paid peanuts. Add your comment »Jay, Derivatives, Wed 17 Jun 09have Henry and Successful's comments been mixed up?? Im sure Henry would say what unsuccessful has... Add your comment »Epic Fail, Private Banking / Wealth Management, Wed 17 Jun 09I think Commerzbank should stick a bit placard saying "EPIC FAIL" over every Dresdner logo. Add your comment »Kleinworter, Investment Banking / M & A, Wed 17 Jun 09If you think Dresdner was bad then you are likely to feel outright nauseous when you see what the new owners are like. Believe me - DK was tier 2/3 at the best of times but Commerz.... this place is non-league through and though!
gharandoyle, Thu 18 Jun 09I'm pretty sure about £14 gets you a hearing for non-payment of money owed, not sure if there is a cap but you don't need a shiny lawyer, just submit the employment contract, a copy of the retention bonus promise and your bank statements showing your salary going in but no bonus payment received and bob's your uncle.
ze German, Equities, Thu 18 Jun 09i am german and i can confirm gharandoyle speaks the blunt truth.. Add your comment » |
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