ABN Amro bankers in court over bonuses

Ten senior bankers at ABN Amro are taking legal action against their employer, demanding special bonuses they were promised when the bank was sold in 2007.

The bankers were pledged the extra cash for staying on at ABN Amro after it was bought by Royal Bank of Scotland, Fortis and Santander for €71bn.
Fortis subsequently got into financial difficulties because of the recession. The Dutch arm, including parts of ABN Amro, were nationalised last year.
New CEO Gerrit Zalm has said he does not think retention bonuses are appropriate given the bank is now state-owned. Those that ignore the call to give up their bonus have no future at the bank, Zalm told Nos tv in March.
But last week, 10 bankers went to court in an effort to force through the payouts. The FD says their lawyer has refused to comment and the identity of the bankers is being kept secret.
Joop Hofland, of banking union De Unie, told the paper the 10 are among 180 who were promised a loyalty bonus if they remained with ABN Amro.
The FD says sources indicate the 10 could claim several million euros. It is not clear if all are still employed by the bank.

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