This article was published in the Sunday Times Online on 23rd August. The firm Tullett Prebon has just been announced as the new title sponsor of the London Boat Show. It might raise some questions with a few people! Why is there always a great big black cloud arriving with its silver lining?
The full article can be read by clicking on the link below this excerpt.
Traders at Tullett Prebon, the City brokerage, are threatening legal action against the firm over unpaid bonuses worth up to £23m.
About 30 bond dealers handed in their resignations last week after complaining about the payouts and are poised to join Tullett’s arch-rival, BGC Partners.
The traders claim Tullett, headed by Terry Smith, owes them millions in unpaid bonuses under the terms of an earn-out agreement. The team was recruited through Tullett’s acquisition in 2007 of Chapdelaine, a New York trading house.
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