Commerzbank appeals bonus rule

Commerzbank yesterday lodged papers with the UK Court of Appeal in a bid to annul a judge’s ruling that it must fork out €52m in bonuses to a group of London-based investment bankers. Pointing to Dresdner Kleinwort’s €6.5bn loss, Commerzbank significantly slashed the bonuses of 104 bankers who joined from Dresdner after the 2009 acquisition and who were verbally promised hefty bonuses from a €400m pot. A judge ruled in May that the bonuses are due, but Commerzbank said it “strongly disagrees”, adding: “As a matter of law, no binding contractual commitment was made.” The German bank claims it was “reasonable and responsible” to cut the bonuses in light of the staggering loss.