This headline made me look up the details of the
original court case in which a large group of employees in the former
Dresdner Kleinwort investment bank were vindicated in their claim that the bank should honor its promise of a guaranteed bonus pool. This amazing quote made by Stefan Jentzsch in a town hall meeting in the winter of 2008/09 makes you wonder what goes on in the heads of
Commerzbank management when he said....."
.. both Martin Blessing and Michael Reuther are men of honour who will stick to the bonus commitments already publicly made. Also I could not understand how and why, for what no doubt will be just a small economic amount even if it happened, they and their senior Commerzbank management collectively would wish to destroy their reputation as trustworthy leaders ..". No further comment required I think. The irony is that it was sheer folly for Commerzbank to buy Dresdner in the first place - but in that respect the management found itself in good company as
Lloyds and
Bankamerica entered into similarly suicidal bids at roughly the same time when they purchased
HBOS and
Merrill Lynch respectively.
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