72 Traders Said To Be Suing Firm Over Bonuses
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Related Content
- Top Firm Caught Out By Rogue Traders (06/11/2009)
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- Traders Desperate To Get 'The Clap' (10/11/2009)
- Traders Said To Have Quit After Bonus Row (22/08/2009)
- Top Team Of Traders Said To Be Just 'Sitting There' (08/09/2009)
The traders apparently feel that their bonuses were ring-fenced, and should not have been cut by Commerzbank, which argued that the overall losses sustained by Dresdner last year meant that they couldn't be justified.
In the meantime, Bloomberg reports that Deutsche Bank CEO Josef Ackermann has called for a proper global solution to the compensation issue. Speaking at a banking conference in Frankfurt Tuesday, Ackermann said that the 'war for talent' will otherwise be slanted in favour of those regions where pay caps are not in place.
And Reuters reports that, according to the Relative Wealth Added bonus model created by consulting firm Stern Stewart, the financial institution that has performed best since 2007 (and therefore should pay the biggest bonuses) is......wait for it..........HSBC! (yes, the firm that has never paid decent bonuses).
The news agency also reports that Credit Suisse, Standard Chartered, Barclays Capital and Royal Bank of Scotland are all in the market for commodities staff.
Bloomberg reports that Barclays Capital has been fined $4.05m by UK securities regulator The Financial Services Authority for trade reporting failures. The unit is said to have failed to submit accurate reports on 57.5m transactions, which were uncovered during a 2008 probe.
Finally, Reuters reports that Bernie Madoff feeder fund Fairfield Greenwich has reached an $8m settlement with the US state of Massachusetts to fully repay state investors who placed monies with the firm's Sentry Funds, which put the majority of the cash with Bernie. Fairfield Greenwich is said to also be in discussions to settle various other claims.
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