Deutsche Bank just reported its ninth-consecutive quarterly profit, a whopping €1.1 billion, far above the level analysts expected. Which, as far as Shikha Gupta is concerned, is good, because she’d like her fair share, at last.
She sued the bank saying she was promised she would be paid “more than ever” only to lose her job when the unit was closed. Instead she received a bonus of just £21,250 ($24,389).
At the time Gupta was laid off, back in March 2017, two-plus solid years of profitability at Deutsche Bank must have seemed like a hilarious pipe dream. As must have being paid “more than ever.” But then again, the Germans needed folks like Gupta to help clean up the gigantic mess they had built Chernobyl-style walls around and hung a sign reading “Bad Bank,” as though the epithet could not be applied to Deutsche Bank as a whole, or that it would only need one, and so perhaps promises were made?
The trader, who now works for hedge fund Astra Asset Management, earned £485,000 through 2016, and said her compensation was discussed with executives and the then chief executive officer John Cryan, her lawyers said in a legal filing…. She said she asked for the assurances in writing but was told management promises would be honored.
[CEO Christian] Sewing will warn analysts in a call later on Wednesday that "we continue to operate in a difficult and uncertain environment", according to a transcript of his remarks.
Finance chief James von Moltke told reporters that loan growth would "undoubtedly" slow and it was "realistic" next year will carry some risk.
Ex-Deutsche Bank Trader Sues for Bonus After Bad Bank Shutdown [Bloomberg]
Deutsche Bank reports big jump in profit despite slump in dealmaking [Reuters via Yahoo!]
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