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Dresdner does an RBS: no bonuses unless they’re guaranteed

It may not do wonders for office harmony, but restricting bonuses to a few fortunate individuals with contractual agreements is becoming de-rigueur at banks that have received money from the state.

The latest to do so is Commerzbank. According to a statement this morning…

…employees and members of the Board of Managing Directors of Commerzbank will not receive a bonus for 2008…. This principle applies to Commerzbank AG and all fully owned subsidiaries [AKA Dresdner Kleinwort].

It does, however, look like Commerz will be honouring the retention bonuses which were promised to Dresdner Kleinwort staff last August…

… individually agreed salary components will also be settled.

Commerzbank didn’t immediately return a call asking for comment, but in a conference call it said the guarantees amount to around €120m in total. Spread between Dresdner Kleinwort’s 2,000 or so staff in London, this would amount to €60k a head.

Employment lawyers representing Dresdner bankers with guaranteed bonuses said most were expecting to receive guarantees, but nothing else. However, one Dresdner insider said the situation remained uncertain.

Employment lawyer Ronnie Fox says bankers at Dresdner and RBS who receive a zero bonus after making money for their firm can argue that the award is “irrational and perverse.”

“The bank as a whole may have made a loss, but you could argue that the loss would have been twice as much if some individuals had not made money and that it would be irrational and perverse not to pay them,” Fox says.

Comments (24)

  1. Great. My girlfriend is now going to break up with me.

    Dresdner employee Reply
  2. Hahahaha! Losers!!!

  3. They have no hope in hell in a law court saying they have verbal transcripts from September. No judge is going to be sympathetic to some greedy bankers in this environment. No bonus for you. Ha ha ha.

    The General Public Reply
  4. re: no bonuses at dresdner – dont forget many DK people have a transcript of promises made in September by CEO Jentzsch.

    This will ultimately lead to recovery of DK 08 bonuses according to employment lawyers as this is a simple breach of contract, whatever commerz says.

    Role on the courts…

    Johnny fired up Reply
  5. How is it possible to survive in London without a bonus?? What they’re supposed to live on a basic salary only? Which for grads is only like 34k. This is horrific.

  6. This is fantastic news. Most my peers are at RBS, Dresdner or been laid off. I’m the last man standing. Thank God I went for Credit Suisse.

  7. watever….

  8. This is what happens when you employ a bunch of people from Plymouth, Newcastle and Liverpool “Universities”…

  9. Re: General Public – my banker pals tell me the case is pretty watertight for those with a “letter”, whatever that means…

    I think is just political point-scoring now. So no one involved with the government should get a bonus? it’s amazing that the NHS, the Olympics, the roads, local councils are all run so well when there is maximum job security and no performance-related pay…

    God forbid we work hard to exceed our targets!!! I think I will exceed my expectations in leisure instead…

    Some sense here Reply
  10. “the NHS, the Olympics, the roads, local councils are all run so well”???

    Dude, you must be confusing old blightly with ze motherland. The olympics will undoubtedly align our sovereign CDS speads to those of Iraq. The roads have more holes in them than actual road, and local councils are run by inept uneducated buffoons on jumped up 200k salaries. lets not even get started on the NHSnide.

    Thank god people in the above sectors arent given bonuses.

    Clearly not a lot of sense there Reply

    INVESTMENT BANKING (if I can still call it that way) IS NOT THE ONLY EXISTING INDUSTRY!!!

    PS: Choose a girlfriend that find YOU interesting…not your wallet…

  12. Dresdner employee : get a real gf man, how can you be so naive?

    Henry: you are a pathetic, useless being, and I bet you have no clue about the industry in general, you are stuck hiding in on a desk, f you actually work in In at all, how can u be happy when other suffer, big time loser go get me a coke

  13. How can Dresdner even talk about bonuses when year after year they just lost money… crap company

  14. “…employees and members of the Board of Managing Directors of Commerzbank will not receive a bonus for 2008…. This principle applies to Commerzbank AG and all fully owned subsidiaries”

    => Eurohypo (wholly-owned sub of Commerzbank) paid bonuses to its employees this year…

  15. Firstly, I don’t know any hot, sought-after girl that would go out with someone who gets a zero bonus, made redundant. Why would they go out with someone like that when the world’s their oyster and they can have someone successful who will treat them more lavishly?? Goldmans guys get hotter girls than RBS/Dresdner guys, fact of life people!

    Secondly, its only natural human nature to be gleeful at the suffering of peers, it means you are relatively better off, and happiness is relative not absolute.

    More common sense Reply
  16. it shows big time insecurity when you go about shouting it on the media, and If you need a ob at gs to get a hot girl you are a loser, sorry

  17. Max, sorry but welcome to the real world – you don’t get a hot girl if you’re working in operations or at Deloitte. Hot girls like ambition and success, which you don’t have as such a low-quality person. Its only if you have a good family background, dashing good looks etc you can get a hot girlfriend without a top job, for most of us this isn’t the case, and I can’t see how you can possibly not agree that GS bankers get hotter girls than RBS/Dresdner losers!!

    Common Sense III Reply
  18. Common Sense III-Ha ha, what a real loser you must be! If you dont think you cant get a decent girl unless you work for GS you must have nothing else going for you!

  19. I can get a decent girl thankyou. I’m talking a hot, perfect girl, who gets featured in Tatler.

    Common Sense III Reply
  20. Ok, but buying a copy of a womans magazine and pretending one of the girls is with you doesnt count.

  21. Common sense, you must be fugly as they come mate. Perhaps geeky girls who know the ins and outs or hedge fund arbitrage strategies are impressed by golman sachs boys with ‘dashing good looks’, but normal girls realise most of the guys who work there are called Henry, have biceps like girls, and say things like ‘dashing good lucks’.

    Me and two of my housemates have FO bulge bracket jobs, but the unemployed guy we live with always ends up with the fittest girls known to man when we go out. Rubbish family background and bad looks? Speak for yourself, the rest of us are doing fine with women regardless of jobs.

    Go make friends with your calculator, then maybe the Estonian girl who works at the cafe in your office will date you. Or maybe not.

  22. she’s croation not estonian

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