Tullett Prebon traders in £23Mn bonus row
Traders at Tullett Prebon, the City brokerage, are threatening legal action against the firm over unpaid bonuses worth up to £23m.
About 30 bond dealers handed in their resignations last week after complaining about the payouts and are poised to join Tullett’s arch-rival, BGC Partners.
The traders claim Tullett, headed by Terry Smith, owes them millions in unpaid bonuses under the terms of an earn-out agreement. The team was recruited through Tullett’s acquisition in 2007 of Chapdelaine, a …
Traders at Tullett Prebon, the City brokerage, are threatening legal action against the firm over unpaid bonuses worth up to £23m.
About 30 bond dealers handed in their resignations last week after complaining about the payouts and are poised to join Tullett’s arch-rival, BGC Partners.
The traders claim Tullett, headed by Terry Smith, owes them millions in unpaid bonuses under the terms of an earn-out agreement. The team was recruited through Tullett’s acquisition in 2007 of Chapdelaine, a New York trading house.
Tullett, however, is arguing that the conditions of the payout have not been met.
