There's likely to be 'trouble at mill' over at Dresdner Kleinwort again soon. And this time, it's because front office staff look like getting advised and paid their 2006 bonuses earlier than 'the little people'. (And most firms are trying to move away from that 'us and them' front / back office cultural split thing!)
Dresdner Kleinwort has apparently decided to advise front office staff of their bonus payments in mid-December, and plan to pay them in January. The rest of the firm, so the story goes, will be told in February, and paid in March.
The problem, it seems, is that Dresdner Kleinwort CEO, Stefan Jentzsch, only has the power to bring forward the dates of bonuses for front office staff - the firm's support functions are now all rolled up with Dresdner Bank as a whole, and the rest of the bank apparently has no plans for a change. Jentzsch, a one-time Goldman Sachs man, is said to want to bring the bonus payment dates for the staff he controls more in line with the rest of the market. And, although some senior Dresdner Kleinwort managers responsible for support functions are thought to have expressed concern about the message this is sending to their staff, Jentzsch has pressed on.
Now while Jentzsch's desire to bring forward front office bonus payments is understandable, there will doubtless be some fall-out from 'support' staff who will feel that they are being treated like second-class citizens (even if they are, no need to rub their noses in it!). Jentzsch better start with the damage limitation - and quick!!
Source - CitySpy column, Evening Standard