The Financial Times reports that Raphael Geys, a former London-based Managing Director over at Societe Generale who ran European fixed income sales, is suing the firm for $17.2m, claiming that he was fired in November 2007 as the bank deemed his employment contract overly generous.
Geys, whose case is up before the High Court in London this week, is said to have doubled his division's revenues to $603.8m over the 3 years he was with SocGen, and turned down the $10.8m originally offered to him in severance. The banker's lawyer has claimed that Geys was never told why he was terminated, but he believes 'he was dismissed for being too successful in that role, because the provisions in his contract were considered by the bank to be too generous'.
In the meantime, Bloomberg reports that Alexis Stenfors, the former head of Scandinavian currency swaps over at Merrill Lynch, has been banned from the industry for at least 5 years, after he was found to have mis-marked his positions by around $100m between January and February last year.
Stenfors e-mailed a statement to the news agency Tuesday, which said: 'Life as a trader can be a very stressful one.....particularly in my case, where I found my work environment very unpleasant for a number of reasons'.
Finally, The New York Times DealBook column reports that Sadeq Sayeed, the man credited as the driving force behind Nomura's acquisition of those former European Lehman businesses in 2008, is to retire as CEO of Nomura International. He will stay in his post until a successor is appointed.