Banker sacked for being “too successful” wins case against Société Générale

29 March 2010

An ex-Société Générale banker has won a law suit against his previous employers after alleging that he was sacked for being “too successful”.

Raphael Geys, former managing director of European fixed income sales, was let go by the bank in November 2007 without reason and offered £7 million as severance pay.

The banker launched proceedings against the institution, claiming that he was owed more than £11 million in compensation.

Under his tenure, the department doubled profits from £183 million to £394 million.

Documents presented to the court by Mr Geys’ legal team alleged that he was sacked for being “too successful” because the financial rewards in his pay package were “too generous”.

Tom Custance, head of dispute resolution at Fox Williams LLP, acting on behalf of Mr Geys, said: "We are obviously very pleased with the outcome of this case which entirely vindicates Mr Geys's decision to pursue Société Générale for the payments properly due to him on termination of his employment."

The final compensation sum is expected to be decided upon at a future hearing.

Société Générale said it would launch an appeal against the decision.

By Jim Ottewill

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development