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Most Dresdner Kleinwort bankers can't be bothered to sue


COMMENTS

Liken 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.

COMMENTS

CDSnotWMD, Capital Markets,  Fri 19 Jun 09

To SUCCESSFUL - you  speak as if you were an utter IDIOT!!!

Check the background of these ppl before writing - Stefan Guetter - ex MD at ML, Martin Newson - ex CS, etc. Jentzsch did what every other 3rd Tier bank does - i.e. hire some of the BEST from Tier 1 banks and pay them multiples of their gargantuan salaries at their place.

Maybe you also should consider that once you are close to a top spot, it becomes very uneasy to unseat a successful incumbent - unless you are a backstabbing ****, which is a pre-requisite to succeed at senior levels, apart from being an excellent professional.

In these situations it is often more elegant to go to another shop.

Grow up and before you write use your intelligence, which got you in the spot whereever you are.

Add your comment »

Ray Chapman, Information Technology,  Wed 01 Jul 09

I used to wander around the 5th Floor at Gresham Street wondering just what all these people did all day.  Now I know - they lost money - that's what they did!

Add your comment »

Richard Hammond, Equities,  Wed 01 Jul 09

btw for the benefit of the few mugs still left working at top tier 'bank' DK, tier is German for 'animal'.  Figures ...

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