Following today’s court decision, 23 bankers who previously worked for Dresdner in London are closer to receiving bonuses of more than €500k (£422k) each. Eight of them are due to receive bonuses of €1m or more after Commerzbank lost its attempt to appeal against a previous court decision commanding it to pay the bonuses.
The full details of the case are available here. Commerzbank offered retention bonuses to Dresdner bankers in London when it acquired the unit in 2008. Commerzbank then argued that the offer wasn’t legally binding as it had included a clause saying the bonuses wouldn’t be paid in the event of ‘material deviations in Dresdner Kleinwort’s revenue and earnings.’
Dresdner bankers argued that they were owed the bonuses. The appeal court judge seemingly agreed, saying that there was ‘overwhelming evidence justifying the conclusion that the bonus promises made to the bankers were intended to be legally binding,’ according to Bloomberg.
Andreas White, employment law partner at law firm Kingsley Napley, said this may not be the end of Commerzbank’s battle. “Given the huge sums at stake, Commerzbank is bound to attempt an appeal to the Supreme Court,” he said.
The 23 ex-Dresdner bankers in line for biggest payouts according to court documents are listed below, along with their current whereabouts. Unfortunately, the wrangling has already gone on too long for one potential recipient: Paul Kozary, an ex-managing director (MD) at Dresdner died of cancer in January 2013.
The ex-Dresdner bankers still waiting for the biggest payouts
Paul Kozary – was an MD at Commerz/Dresdner. Due to receive €531k. Paul joined Stormharbour where he dealt with Middle East solutions and distribution. At Commerzbank he was head of structured strategic solutions sales for the Middle East. Paul Kozary died in January 2013.
Martin Ryan – was a cable trader at Commerz/Dresdner. Due to receive €540k. Left Commerz for TD Securities but left in February 2011, hasn’t emerged elsewhere in London according to the FSA register.
Richard Denuit – was an MD at Commerz/Dresdner. Due to receive €540k. Hasn’t re-registered with the FSA since 2009.
Oliver Sopp – unknown what he did at Commerz/Dresdner. Due to receive €585k. Joined ANZ Banking Group in London in June 2012.
Ioannis Askitoglou – head of developing markets solutions sales at Commerz/Dresdner. Due to receive €603k. Left Commerz for Goldman Sachs. Left Goldman in November 2011 according to the FSA register. Hasn’t registered elsewhere.
Oliver Wulff – managing director, equity derivatives sales at Commerz/Dresdner. Due to receive €630k. Went to Duet Asset Management. Left in April 2012 according to the FSA register.
Oliver Scott-Simons – unknown what he did at Commerz/Dresdner. Due to receive €630k. Left Commerz for Standard Chartered, now at Barclays.
Paul Moore – global head of local market trading at Commerz/Dresdner. Due to receive €652.5k. Left Commerz for Barclays, now at ANZ Banking Group in London.
Mustafa Abbas – was head of emerging market sales for Europe at Commerz/Dresdner. Due to receive €652.5k. Spent several years at BNP Paribas before joining wealth manager Cerno Capital Partners in January 2013.
Matthew Thorne – was a corporate finance adviser at Commerz/Dresdner. Due to receive €675k. Hasn’t been registered with the FSA since 2009.
Andy Sacre – unknown what he did at Commerz/Dresdner.Due to receive €675k. Now at SocGen.
Stephen Coles – was a managing director at Commerz/Dresdner. Due to receive €675k. Went to Kleinwort Benson, left March 2011.
Evan Kleinberg – unknown what he did at Commerz/Dresdner. Due to receive €675k. Left Commerzbank went to Credit Agricole and ANZ, left in December 2011.
Clive Tucker – interest rate derivatives trader Commerz/Dresdner. Due to receive €742.5k. Left Commerz/Dresdner and joined Royal Bank of Canada in 2010, where he’s a senior exotic interest rate derivatives trader.
Robin Gray – director, investment banking at Commerz/Dresdner. Due to receive €742.5k Hasn’t been registered with the FSA since leaving Dresdner in 2009.
Richard Attrill – global head of foreign exchange trading at Commerz/Dresdner. Due to receive €778.5k. Joined Westpac Banking Corporation in 2009.
Matthieu Robert – head of inflation trading at Commerz/Dresdner. Due to receive €1m. Hasn’t been registered with the FSA in London since leaving Dresdner.
Sergio Pagani – head of energy trading at Commerz/Dresdner. Due to receive €1.1m. Left Dresdner and went to ANZ and then Mitsubishi UFJ. The FSA register says Pagani left Mitsubishi in March 2012, and hasn’t registered elsewhere.
Dominic Yip –foreign exchange trader at Commerz/Dresdner. Due to receive €1.2m. Went from Dresdner to Citi. Left Citi in July 2011.
Amir Berberian -unknown what he did at Commerz/Dresdner. Due to receive €1.3m. Went from Dresdner to UBS and then to ANZ. Left ANZ in March 2013. Currently unregistered with the FSA.
Steven Garrett – managing director and global head of interest rate options at Dresdner. Due to receive €1.4m. Joined Banco Bilbao Vizcaya Argentaria SA in January 2013.
Ian Robertson – global head of foreign exchange options at Commerz/Dresdner. Due to receive €1.5m. Went to State Street, left in July 2010. No longer registered with the FSA.
Jeremy Thomas – unknown what he did at Commerz/Dresdner. Due to receive €1.6m. Wasn’t registered for three years and then went to EQI Asset management, where he was registered between January and March 2012.
Jonathan Powell – senior emerging market options trader at Commerz/Dredner. Due to receive €1.7m. Went to Barclays Capital, joined Goldman Sachs in September.