Skip to content
Search

Latest Stories

Former trader sues Deutsche Bank for unpaid £2.6m bonus

Shikha Gupta worked until 2017 for Deutsche Bank’s non-core operating unit

Former trader sues Deutsche Bank for unpaid £2.6m bonus

A former Deutsche Bank trader is suing the bank in a London court for just over £2.6 million after she was not paid an individual bonus nearly a decade ago, though Germany's largest lender says it simply could not afford it.

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 says she helped dispose of billions of dollars of assets for Deutsche Bank, in particular helping it pay a $7.2 billion (£5.7bn) settlement in 2016 with the US Department of Justice over pre-crisis sales of mortgage-backed securities.

Her lawyers said at the start of a trial at London's High Court that Gupta was an exceptional employee who was promised a considerable individual bonus, but was given just £21,250 alongside her colleagues for 2016.

Deutsche Bank, however, says no formal guarantee was provided to Gupta that she would receive an individual bonus. The lender's lawyers also said Deutsche was making over 9,000 employees redundant, nearly 10 per cent of its global workforce.

"Most employers, at least in financial services, would like to pay bonuses to employees based on their performance," Deutsche Bank's lawyer James Laddie said in court documents, "but whether they can do so depends on whether they can afford it."

Laddie said the bank was "in dire straits" in 2016 and the decision was therefore made to not have an individual bonus pool.

Gupta, who now works for Astra Asset Management, said in a written witness statement that she was "responsible for de-risking almost all of the bank's cash and ABS derivatives".

She added: "I feel they have breached the trust that I, as an employee, had placed in the institution."

Laddie, however, said Gupta was not paid an individual bonus "because of a bank-wide decision that it was unaffordable".

(Reuters)

More For You

‘All options on the table’ as Britain
prepares for likelihood of US tariffs

Sir Keir Starmer with Jonathan Reynolds

‘All options on the table’ as Britain prepares for likelihood of US tariffs

BRITAIN is likely to be hit by US tariffs despite making “rapid progress” over a trade deal with Washington, prime minister Sir Keir Starmer said on Tuesday (1).

He spoke as US trading partners around the world braced for an expected fresh raft of tariffs from president Donald Trump, in addition to levies already imposed on steel and those set to take effect this week on cars.

Keep ReadingShow less
single-use vapes-iStock

Analysis by Material Focus estimates that 8.2 million vapes are discarded or littered each week in the UK—equivalent to 13 every second. (Representational image: iStock)

iStock

Shops told to clear single-use vapes before ban starts on June 1

SHOPS across the UK have until 1 June 2025 to sell off remaining stocks of single-use vapes before a nationwide ban comes into force.

The legislation, confirmed last year, follows a government consultation that showed strong support for restricting their sale and supply.

Keep ReadingShow less
Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

Primark chief Paul Marchant steps down after misconduct probe

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.

Keep ReadingShow less
Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

JAGUAR’S ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury... at a steep price.

The low-slung, muscular-looking concept car presented to European reporters last Friday (21) prefigures a production model expected mid-2026 at a base cost of €150,000 (£123,472.8).

Keep ReadingShow less
Starmer-Trump-Getty

Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)

Starmer, Trump talk trade deal progress in 'productive' discussion

KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."

Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.

Keep ReadingShow less