Commerzbank ordered to pay bonuses to Singapore bankers

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Commerzbank must pay bonuses to 10 bankers in Singapore at its now-defunct Dresdner unit, who claimed the lender breached their contracts by refusing to pay, a judicial official ruled.

Bloomberg reports that the former employees had claimed they were entitled to $7.5m in bonuses and were induced to stay on because Dresdner’s then CEO Stefan Jentzsch pledged in August 2008 the payments would be made the following February. Commerzbank disputed Jentzsch’s authority to bind Dresdner to a contract.

'I find that Dr. Jentzsch was expressly authorized to make the 18th August announcement which was intended to be legally binding by Dresdner Bank', Singapore Judicial Commissioner Lionel Yee wrote in a 68-page ruling made public Wednesday. Judicial commissioners in Singapore have the powers of a judge and are appointed to a specified term.

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Commerzbank Loses Singapore Dispute Over Dresdner Bonuses

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