Jefferies included a $4 million break-up fee in an offer letter to a banker.
The Wall Street bank is demanding payment after Dean Decker stayed with Credit Suisse after signing.
AdvertisementA Wall Street bank inserted a $4 million break-up fee into an offer letter and demanded the payment after the employee backed out.
"In fact, the only winner was Decker — both Jefferies and Credit Suisse were gamed (pun intended.)"
It's worth noting that Credit Suisse agreed to cover Decker's legal costs and any damages, meaning UBS is on the hook following a merger of the two Swiss banks last year.
Persons:
Jefferies, Dean Decker, —, Decker, Decker —, UBS didn't
Organizations:
Credit Suisse, Service, Bloomberg, Jefferies, Suisse, UBS, Banco Santander, Business
Locations:
California, Spanish