– To require overtime pay after a hurramegrundttur to Las Vegas. With hanging around the bar, casinos and strip clubs. I think this is completely insane.
The head of Investment Banking in Carnegie, Petter Hagen, did not mince in between when he testified in the trial between the brokerage and the former broker Sondre Vevstad. The articulate financier believed he had never had an employee who was more concerned with their own role and that got fat paid despite missing commercial results, writes Finansavisen.
Vevstad on its side can not understand that Carnegie pulls him to justice, and that the case is unnecessary. The company requires bonus of 650,000 kroner he received after 2013 repaid. Counterclaim from Vevstad is to require 700,000 dollars in overtime pay.
– It is not an 8 to 16 jobs. It is all agreed. But clawback agreement is a penalty for quitting the job, claiming Vevstad from the witness box.
No commercial success
After a scant three years as broker Carnegie announced Vevstad transition to Danske Bank in April 2014. It enjoyed management Carnegie so badly that they pulled out the so-called clawback agreement. It involves a right for the employer to withdraw bonus if an employee leaves the job before the year is gone.
Judge heard Vevstad describe himself as an employee who worked long hours, had very little holiday, got short paternity leave and went into many millions in fees.
From his former employer, he was described as a young man with a lot of potential, but who came in late, went early and got wage increases and bonus despite the results.
– I considered it as an investment in Sondre. We wanted him to continue, and when I found it fair that he got a bonus. This despite the fact that he had not the financial results which indicated a bonus. On purely economic results would he received zero dollars in bonus, explained Hagen court according Finansavisen.
Disappointed bonus
Vevstad on his side was disappointed the bonus size, and found quickly a new job in Danske Bank. There he received NOK 1.3 million in base salary and an equal amount in guaranteed bonus the first year he was hired.
Attorney Kari Bergeius Andersen tried to argue that the client had a “particularly independent position,” while lawyer Nicolay Skarning underpins Vevstad free senior role in Carnegie.
Sondre Vevstad even made a large document which he has disclosed all the hours he worked, and all overtime since 2011. It amounted to a scant 1000 hours, and a claim with interest of 700,000 crowns.
– I mean it is a conservative estimate, and then I have taken out a half hour lunch each day which is paid according to work my contract, explained Vevstad.
This has clearly stirred up the lead in Carnegie, and they think visits to bars, casinos and strip clubs with customers do not qualify as overtime. That Vevstad has written eight hours overtime every day on a long trip to Las Vegas tops it all. To illustrate what kind of arrangements agents spent their time in playing center, showed Hagen a picture of Vevstad and a colleague along with two scantily clad women.
– I feel this puts the academic content into a frame, said Hagen according Finansavisen.
This case was first printed in Finansavisen 6. February 2015
No comments:
Post a Comment