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March 4, 2009

Dresdner staff preparing to sue for bonuses

By Spear's

Hundreds of Dresdner Kleinwort staff are preparing legal action to recover tens of million of pounds of unpaid bonuses, after new owner Commerzbank slashed compensation payouts.

Hundreds of Dresdner Kleinwort staff are preparing legal action to recover tens of million of pounds of unpaid bonuses, after new owner Commerzbank slashed compensation payouts.

Several of the bankers, who worked for Dresdner Kleinwort in the City of London until it was sold to Commerzbank in September, are claiming bonuses in excess of £1 million with the disputed payments totalling around £50 million.

German insurer Allianz, Dresdner Kleinwort’s previous owner, put aside a EUR 400 million bonus pot for the investment bank last summer. However, Commerzbank slashed the size of the pot by 90 percent after invoking a material adverse change clause following its EUR 18.2 billion bail-out by the German government.

For further details visit thewealthnet

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