We’re a little late on this, but if you haven’t yet come across the cautionary tale involving Fahim Imam-Sadeque, the former EMEA sales head at BlueBay, it’s probably time to become acquainted.
In brief, Sadeque is in danger of having £1.7m of fund units (effectively deferred bonuses) which he earned at BlueBay withheld following allegations that he contravened BlueBay’s non-solicitation agreements after emailing a former colleague whilst on gardening leave.
The innocuous-sounding email exchange allegedly went something as follows:
Sadeque: “Coffee today?
Ex-colleague: Damian Nixon: “I’m free between 11am and 4pm.”
Sadeque: “Ok, you can take me for lunch.”
Sadeque started his gardening leave last August in order to join Goldbridge Capital in January this year. He sent the email on August 4th and was employed by BlueBay until December. Initially, Sadeque was allowed to keep the £1.7m of deferred fund units. However, Bluebay emailed him on December 22nd accusing him of being in breach of their agreement and attempting to poach Damian Nixon.
Sadeque is taking BlueBay to court in an effort to get the £1.7m back. Separately, it seems the bonus pool at RBS has been reduced from £500m at the last count, to £400m at the latest count, a 60% drop on last year. Once RBS’s already poorly paid code staff have been looked after, this implies a reduction in the average Global Banking and Markets to £10k. Even this may be good in the circumstances: 75% of the UK citizenry think RBS bankers should be paid nothing at all.
RBS Chairman Philip Hampton thinks we’ve seen the high water mark of bonuses. (Sky)
Senior Credit Agricole banker sues Credit Agricole inLondonfor his bonus, using the whistle-blowing rule, which allows for unlimited damages. (Bloomberg)
Disaster hits Hays: it’s made a £3m loss in the UK and says bankers are heading overseas. (Irish Breaking News)
Guy Hands says you shouldn’t work in private equity if you’re in it for the money – you should work in hedge funds or banking. He also says he only joined Goldman because his bank manager told him that he needed a “proper job” and bond trading at Goldman Sachs “paid more than anyone else”. (Financial News)
Deferred bonuses, coming soon to Russia. (Bloomberg)
Investment banking revenues won’t drop as much as expected in the first quarter, but they will still drop. (Bloomberg)
There are a number of ways in which my life peaked at 17. (Interloping)