In 2007, Credit Suisse’s 33 year old head of CDO trading earned £4.6m and a 25 year old telecoms analyst at Dresdner earned £1m

eFC logo
Happy bankers of the past

Times have changed. Just how much is being emphasised by two things: the Commerzbank bonus case and the Credit Suisse CDO arrests.

As we noted last week, an MD in risk at Dresdner was expecting to earn £632k in 2008. Although Martin Blessing says Dresdner’s bankers were working for loyalty rather than money, they all seem to have been rather well paid. The full list of claims against the bank reveals 23 people are claiming more than €500k and 7 are claiming more than €1m.

According to Financial News, the big claimants and their then-job titles at Dresdner are:

Tim Sharp - currency trader - €517,500

Paul Kozary - managing director - €531,000

Martin Ryan - cable trader - €540,000

Richard Denuit - managing director - €540,000

Oliver Sopp – unknown - €585,000

Ioannis Askitoglou - head of developing markets solutions sales - €603,000

Oliver Wulff, managing director, equity derivatives sales - €630,000

Oliver Scott-Simons – unknown - €630,000

Paul Moore - global head of local market trading - €652,500

Mustafa Abbas - head of emerging market sales forEurope- €652,500

Matthew Thorne - corporate finance adviser - €675,000

Andy Sacre – unknown - €675,000

Stephen Coles - managing director - €675,000

Evan Kleinberg – unknown - €675,000

Clive Tucker - interest rate derivatives trader - €742,500

Robin Gray - director, investment banking - €742,500

Richard Attrill - global head of foreign exchange trading - €778,500

Matthieu Robert - head of inflation trading - €1m

Sergio Pagani - head of energy trading - €1.1m

Dominic Yip -foreign exchange trader - €1.2m

Amir Berberian -unknown - €1.3m

Steven Garrett – director - head of corporate block trading - €1.4m

Ian Robertson - global head of foreign exchange options -€1.5m

Jeremy Thomas – unknown - €1.6m

Jonathan Powell - senior emerging market options trader - €1.7m

If anything, these alleged guarantees seem lower than was the norm at Dresdner. Geraint Anderson, the former Dresdner-analyst turned author told the BBC he saw a 25-year old telecoms analyst receive a £1m bonus.

“Dresdner was definitely generous,” he says. “It had ambitions to rival some of the bigger players and therefore accepted that it would need to pay big money and might not breakeven until a later date.

“I got four guaranteed bonuses when I was at Dresdner,” says Anderson. “I joined on a two year guarantee and when I threatened to leave for Morgan Stanley, I got another two years.”

Credit Suisse’s indicted CDO chief received £4.6m, of which only £1.3m has NOT been clawed back

In another reminder of precisely how much people were paid in the past, Bloomberg reports that Kareem Serageldin, Credit Suisse Group AG’s former global head of structured credit trading was paid a total of $7.27m in 2007.

Even though Serageldin is now the subject of criminal charges and possible US extradition following claims he falsified CDO prices in order to boost his compensation, Bloomberg says only $5.2bn of his compensation has been clawed back. It seems hard to imagine such lenience in the current environment.

Popular job sectors


Search jobs

Search articles