Ex-UK trader loses lawsuit against Deutsche Bank over bonus dispute
1:55 pm Thursday, September 05th, 2024
LONDON (Reuters) – A former Deutsche Bank trader on Thursday lost her London lawsuit against the bank for just over 2.6 million pounds ($3.4 million) after she was not paid an individual bonus nearly a decade ago.
Shikha Gupta worked until 2017 for Deutsche Bank’s non-core operating unit, which was set up in the wake of the 2008 financial crisis to streamline its operations.
Gupta said she helped dispose of billions of dollars of assets for Deutsche Bank, in particular helping it pay a $7.2 billion settlement in 2016 with the U.S. Department of Justice over pre-crisis sales of mortgage-backed securities.
Her lawyers said at a trial at London’s High Court in June that Gupta was an exceptional employee who was promised a considerable individual bonus, but was given just 21,250 pounds alongside colleagues as part of a team reward for 2016.
Deutsche Bank, however, said no formal guarantee was provided to Gupta. The lender’s lawyers also said Deutsche was making over 9,000 employees redundant, nearly 10% of its global workforce, and simply could not afford to pay a bonus.
Judge Catherine Howells dismissed Gupta’s claim, saying she did not accept Gupta was given assurances she would receive an individual bonus and that Deutsche Bank was entitled to consider it was unaffordable.
A Deutsche Bank spokesperson said: “We welcome the court’s decision.” Gupta’s lawyers did not respond to a request for comment.
(Reporting by Sam Tobin; Editing by Mark Potter)
