Societe Generale has lost a high-profile lawsuit against a London-based investment banker that could costthe firm up $26m.
Reuters reports that five judges at the UK Supreme Court ruled on Wednesday by a majority of four to one that Belgian banker Raphael Geys, SocGen's former managing director for European fixed income sales, had been fired without proper notice in 2007.
In the meantime, Hector Sants will receive a total remuneration package worth as much as £3m as part of his move to Barclays next month, according to people familiar with the deal.
The Financial Times reports that the package will make the former chief executive of the Financial Services Authority, who is set to become Barclays’ head of compliance and government relations at the end of January, one of the 10 best-paid executives at the UK lender.
Finally, Bloomberg reports that Gianluca Ziglio, a fixed-income strategist at UBS, has left the firm after more than two years.
London-based Ziglio confirmed by e-mail that he was made redundant.
Sants secures £3m package at Barclays (subscriber content)
image: © Barclays