SocGen, France's second largest bank, is being sued by its former head of European fixed income for over £11.3m after his contract was terminated at the start of the credit crunch.
Raphael Geys was let go from the bank in November 2007 and received a draft severance agreement weeks later, according to the Financial Times.
However, Geys has disputed his entitlements under his employment contract, especially as his lawyer claims during his three years at the bank he was responsible for more than doubling the gross revenue of his division from €205m to €440m.
Geys' lawyer told the High Court his client was never given a reason why his contract was terminated but argues it was because he was too successful in his role and the provisions in his contract were considered "too generous".
SocGen originally offered Geys €7.9m severance pay but this was conditional on him not pursuing any type of employment-related proceedings. The case continues.
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