Traders given 'missed' salary following firing error

Deutsche Bank - External

In the money.

Four Deutsche Bank traders who won reinstatement of their jobs after they were dismissed following an internal probe into rate-rigging were awarded $493,370 in missed salary.

Bloomberg reports that the total monthly pay of the four men, who were fired in February, ranged from $14,648 to $29,861 on average, according to the written version of the judgment made 11th September and released by the Frankfurt Labor Court earlier. The men, whose names weren’t disclosed, returned to work on 4th November, according to the bank.

The traders, who were fired as part of the bank’s probe into manipulation of benchmark interest rates, included two managing directors, a vice president and a director, according to the document.

The managing directors were awarded bonuses of $3.65m and $1.05m for 2011, while the two more junior bankers were awarded $270,440 and $243,396, according to the judgment. Investment bank bonuses are typically paid over several years.

To access the complete Bloomberg article hit the link below:

Deutsche Bank Ordered to Pay Fired Rate Traders $493,370

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