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'Super-banker' sacked for being too successful in line for £11m payout
By Daily Mail Reporter
Last updated at 12:47 AM on 26th March 2010
Raphael Geys was fired from Societe Generale for being too good at his job, a judge ruled
A high-flying City banker was sacked for being too successful - and could now be paid more than £11million compensation, a judge ruled yesterday.
Raphael Geys, an executive with Societe Generale, said that during three highly lucrative years at the bank he doubled the income of his division from £184m to £394m.
But he was left stunned when out of the blue, he was summarily dismissed in November 2007.
The bank, France's second largest, offered him a £7m pay-off but Mr Geys, former managing director of European fixed income sales, sued.
And at the High Court in London yesterday Deputy Judge George Leggatt QC ruled in his favour. Written documents before the court stated: 'He was dismissed for being too successful in that role because the provisions in his contract were considered by the bank to be too generous.'
Tom Custance, representing Mr Geys, said: 'We are obviously very pleased with the outcome of this case which entirely vindicates Mr Geys's decision to pursue Societe Generale for the payments properly due to him on termination of his employment.'
However, the amount of money Mr Geys will receive was not ruled on by the judge. He said if both sides could not agree a figure there would have to be another court hearing.
In his lengthy ruling the judge said that on November 29, 2007, the bank told Mr Geys that his employment was being terminated 'with immediate effect'.
The judge said: 'Substantial sums are at stake. On the claimant's case he is entitled to be paid more than 12.5million euros on the termination of his contract plus further sums not yet quantified for which the bank is said to be liable because of its failure to make payments to him in a tax efficient manner.'
After the ruling a spokesman for the bank said: 'Societe Generale believes that today's decision is not a correct interpretation of the terms and conditions of Mr Geys's employment contract when he joined the bank in February 2005.
'The bank will be seeking leave to appeal this decision and it would therefore be inappropriate to comment further at this stage.'
By Daily Mail Reporter
Last updated at 12:47 AM on 26th March 2010
Raphael Geys was fired from Societe Generale for being too good at his job, a judge ruled
A high-flying City banker was sacked for being too successful - and could now be paid more than £11million compensation, a judge ruled yesterday.
Raphael Geys, an executive with Societe Generale, said that during three highly lucrative years at the bank he doubled the income of his division from £184m to £394m.
But he was left stunned when out of the blue, he was summarily dismissed in November 2007.
The bank, France's second largest, offered him a £7m pay-off but Mr Geys, former managing director of European fixed income sales, sued.
And at the High Court in London yesterday Deputy Judge George Leggatt QC ruled in his favour. Written documents before the court stated: 'He was dismissed for being too successful in that role because the provisions in his contract were considered by the bank to be too generous.'
Tom Custance, representing Mr Geys, said: 'We are obviously very pleased with the outcome of this case which entirely vindicates Mr Geys's decision to pursue Societe Generale for the payments properly due to him on termination of his employment.'
However, the amount of money Mr Geys will receive was not ruled on by the judge. He said if both sides could not agree a figure there would have to be another court hearing.
In his lengthy ruling the judge said that on November 29, 2007, the bank told Mr Geys that his employment was being terminated 'with immediate effect'.
The judge said: 'Substantial sums are at stake. On the claimant's case he is entitled to be paid more than 12.5million euros on the termination of his contract plus further sums not yet quantified for which the bank is said to be liable because of its failure to make payments to him in a tax efficient manner.'
After the ruling a spokesman for the bank said: 'Societe Generale believes that today's decision is not a correct interpretation of the terms and conditions of Mr Geys's employment contract when he joined the bank in February 2005.
'The bank will be seeking leave to appeal this decision and it would therefore be inappropriate to comment further at this stage.'
