A London banker who claims he was fired for being too good at his job for his employer to afford his salary is in the Supreme Court today seeking compensation.
Raphael Geys, a managing director of Société Générale’s European fixed income sales in London, says the bank sacked him in 2007 because “I was too expensive and would remain too expensive in 2008” because of the pay formula in his contract.
The case opens today, with Geys suing for €12.5 million (£10.1 million) he claims he is owed in bonuses and compensation for the termination of his contract.
SocGen originally offered Geys, who says revenues at his division more than doubled between 2005 and 2007 to around €440 million, €7.9 million to cover contractual termination payments.
But when he refused the offer, the bank withdrew it, arguing his decision to sue meant he was no longer entitled to the deal under his former contract.
