Now that’s cold…
E-mails show discussions on firing traders amid Libor scandal
Internal script disclosed in filing to German regulators
Deutsche Bank AG traders should be wary of calls that start with a thank you.
“Thank you for making yourself available for this call today,” reads the first line of a two-page draft script obtained by Bloomberg News that was used to fire at least one trader caught up in the Libor scandal.
The niceties quickly fall away.
“We have decided that your employment agreement should be terminated with immediate effect by reason of your gross misconduct, which in the opinion of the bank is serious enough to prejudice the business and reputation of the bank,” the speaker would continue. “Your dismissal will be effective immediately and you will not be entitled to any period of notice or payment in lieu of notice.”
The text — part of a cache of documents showing internal discussions on how to handle the exits of high-profile traders such as Guillaume Adolph and Christian Bittar– shows how executives reacted on one front as the London interbank offered rate scandal mushroomed in 2011.