We’re not sure this would fly in the United States…
But in the UK, the Telegraph reports, bankers are gearing up to sue banks for giving them bonuses that they deem too low.
Richard Fox, employment partner at law firm Kingsley Napley, said: “We’re seeing an increase in bankers seeking advice on their options. There are people [who will be] disgruntled they are getting less bonuses so why wouldn’t they?
“Particularly if their team is doing well, or the UK is doing as well as it could despite the bank doing badly in other departments like the Swiss or French arm.”
In the past these cases have gone absolutely nowhere. One banker sued his employer for a $2.3 million bonus last year and couldn’t even convince his lawyers he had a solid case. It is also said that judges tend to be “unsympathetic” to plaintiffs in these cases.
The real trick here is that bankers have to prove that their bonuses are “irrational and perverse” in High Court. Given the current economic climate, a Judge may agree with that notion… but certainly not in a way a banker would want.