Tuesday 2 August 2022 02:00 AM City banker was 'infuriated' because bosses awarded him a 'mere' £300,000 ... trends now
A wealthy City banker was left ‘infuriated’ because bosses only awarded him an annual bonus of £300,000, an employment tribunal heard.
Fabio Filippi shouted at his superiors and said the ‘mere’ sum was ‘unacceptable’ having received more than £100,000 the previous year.
Bosses at BNP Paribas London felt the highly-paid banker’s work had dropped off and he ended up being sacked as they concluded he was an ‘expensive resource who didn’t add value’, the tribunal heard.
The Italian - who had a combined salary package of nearly £700,000 at its highest - has now lost an unfair dismissal case against the French bank.
Filippi first started working at BNP Paribas in London in 1999 and worked his way up to senior roles, the London Central hearing was told.
By 2009 he and the team he led met revenue targets of €10million and €20million respectively, the panel was told. That year his bonus was £700,000.
From 2009 to 2016, in bonuses alone Mr Filippi earned an eye-watering £3.25million, according to figures shown to the tribunal.
In 2012 he relocated to Milan to lead a team and became Head of Distribution Retail Sales for Italy earning a basic salary of £210,000.
Fabio Filippi (pictured) shouted at his superiors and said the ‘mere’ sum was ‘unacceptable’ having received more than £100,000 the previous year
However, by 2016 BNP Paribas bosses started noticing his work performance had dipped.
That year he was upset that he was given a €400,000 (£303,000) bonus.
A tribunal report said: '(BNP Paribas) decided to award (Mr Filippi) a bonus of €400,000 for 2016. That was €140,000 less than he had been awarded the previous year.
'Generally all the bonus awards were lower in 2016, but in (his) case the managers also took into account the fact that his performance had not been satisfactory in certain areas.
'[His bosses] met with him on March 3, 2017, to tell him about his bonus.
'He was infuriated by the decision to award him "a mere" €400,000 bonus and said that it was unacceptable.
'He shouted at [one of his bosses] and said that he was being treated unfairly because he was not French and not based in Paris.
'He said that he was the
