One of the 104 investment bankers suing for €50m in unpaid bonuses told the UK High Court on Thursday he had expected a further €300,000 bonus in 2008 despite already receiving a €300,000 guaranteed bonus from Dresdner for that year.
Desmond McNamara, who was head of risk management for capital markets at Dresdner, is the first banker to give evidence in a landmark case in which bankers formerly employed by Dresdner are suing Commerzbank for unpaid bonuses. Commerzbank acquired the German bank in 2009. Their claims range from €15,000 to €2m.
Mr McNamara, who earned a £130,000 annual salary, told the court he had received a €300,000 guaranteed bonus for 2008 but was suing over a further €300,000 he claims he was promised by his line manager.>>>
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