Are suing for overtime?! You can do that?! CIBC facing second overtime lawsuit TAVIA GRANT Wednesday, October 29, 2008 Canadian Imperial Bank of Commerce has been hit with a second class-action lawsuit that claims employees worked overtime without pay. The $360-million suit filed yesterday against CIBC World Markets Inc. was filed on behalf of investment bankers and analysts, alleging the bank regularly requires them to work “excessive” hours without extra pay. The suit comes almost 18 months after a bank teller filed a class action that also claimed her employer had failed to pay overtime. The Ontario Superior Court has yet to decide whether to certify that first suit as a class action. A hearing is scheduled for December. The second suit claims Toronto resident Michael Brown, who worked at CIBC World Markets as a senior analyst from April, 2003 to January, 2004, was required to work between 60 and 70 hours a week rather than the 40 to 45 hours he had expected. His experience isn’t unique, the claim filed by Juroviesky and Ricci LLP alleges. Employees such as investment bankers and analysts in many areas of operations “were pressured to, and required to work hours in excess of their applicable provincial overtime to increase the profits of their immediate supervisors who may have earned bonuses related to the profitability of their group and ultimately, to increase the company’s profitability as a whole,” the claim contends. The plaintiff alleges the pressure to work overtime at the bank’s branches was “pervasive” and that employees who didn’t work overtime “were pushed out” or disciplined. None of the allegations have been proven in court. CIBC said it plans to defend this action “vigorously.” “Our overtime policy is clearly defined, exceeds legislative requirements in Canada and is easily accessible,” said spokesman Rob McLeod. “It contains a clear process to resolve any questions or concerns an employee may have about overtime. Under our policy, where overtime is requested or required by CIBC, overtime is paid. We believe that this action is unnecessary given our clear policy and process to resolve employee issues internally.” The first suit against CIBC was filed in June, 2007 by the law firms Roy Elliott Kim O’Connor LLP and Sack Goldblatt Mitchell LLP. Toronto-based Juroviesky and Ricci, which filed yesterday’s suit, is the same firm that launched a class action last year against accounting firm KPMG that also alleged unpaid overtime. In February, KPMG said it will pay its employees who should have been compensated for the overtime.
Hope I can get my piece of the package hehe
A senior analyst expected to work 40-45 hrs?
This may be a mundane question, but for overtime, why is it that retail bankers sometimes get paid time and a half, and people in equity research, S&T, banking, PE, etc. don’t? I mean, I guess anyone drinking the kool-aid knows that “we will work until the job gets done”…but seriously, is there a different “code” of employment under which they are compensated? I would be making bank if I could collect overtime.
Only employees covered by the FLSA have to get time and a half.
ahhh, canada. I sure hope the US doesn’t go down this path. people…retail bankers don’t get bonuses (at least substantial ones). do people in canada really expect I-banking to be 40 hours per week? OT? Yes, the hours are worse but the comp is factors above retail banking.
isn’t it the concept of the big bonus at the end of the year? I’m sure retail bankers don’t make as big bonuses as I-Bankers/ER/PE guys make…
Wow I woder if this will actually hold up in court. It will be interesting to see how this pans out .
Gecco Wrote: ------------------------------------------------------- > ahhh, canada. I sure hope the US doesn’t go > down this path. > > people…retail bankers don’t get bonuses (at > least substantial ones). do people in canada > really expect I-banking to be 40 hours per week? > OT? Yes, the hours are worse but the comp is > factors above retail banking. Too late. I’m aware of at least one class action (auditors) against PwC in CA for overtime.
I wonder if people from the other banks will follow suit .This situation is definitely not unique to CIBC .
Syd_RE Wrote: ------------------------------------------------------- > isn’t it the concept of the big bonus at the end > of the year? > > I’m sure retail bankers don’t make as big bonuses > as I-Bankers/ER/PE guys make… Well, as somewhat of an aside, there are so many midi-20’s through early 30’s males who strut around in bars and lounges here like they’re big ballin’ it since they work in retail banking. I don’t know if this is just a Dallas phenomenon or what, but the behaviot is just silly. I mean it’s not like I’m rolling around in an Aston Martin chucking my business cards at women on the street. If it’s really the case that these retail dudes aren’t rolling it in, why do they act like it? Do they expect people to fall for such shenanigans? What’s up with that…
‘I’m sure retail bankers don’t make as big bonuses as I-Bankers/ER/PE guys make…’ I think the reason why they are complaining is because their bonuses will be relatively small for the next couple of years.
numi Wrote: ------------------------------------------------------- > Syd_RE Wrote: > -------------------------------------------------- > ----- > > isn’t it the concept of the big bonus at the > end > > of the year? > > > > I’m sure retail bankers don’t make as big > bonuses > > as I-Bankers/ER/PE guys make… > > Well, as somewhat of an aside, there are so many > midi-20’s through early 30’s males who strut > around in bars and lounges here like they’re big > ballin’ it since they work in retail banking. I > don’t know if this is just a Dallas phenomenon or > what, but the behaviot is just silly. I mean it’s > not like I’m rolling around in an Aston Martin > chucking my business cards at women on the street. > If it’s really the case that these retail dudes > aren’t rolling it in, why do they act like it? Do > they expect people to fall for such shenanigans? > What’s up with that… How can you tell by looking at someone that they are specifically in retail banking? Cotton/poly blends, black belt w/brown shoes, etc?
juventurd, i guess they just look like salesmen
juventurd Wrote: ------------------------------------------------------- > > How can you tell by looking at someone that they > are specifically in retail banking? Cotton/poly > blends, black belt w/brown shoes, etc? Well, not all retail bankers are despicably dressed. However, at least when I’ve encountered them in social situations here in Dallas, they usually fit into one of two character types, namely [1] the “$30,000/year millionaire” (Dallas is infested with them), and [2] the wannabe investment banker. The $30,000/year millionaire is more easily identifiable; akanska, kevinf12, or any of the other Dallas AF folks can probably elaborate, but they’re basically the type of folk that act like they’re millionaires and splurge at bars/clubs accordingly, when in fact they really don’t have the wherewithal to be doing such thing. Usually they can be spotted wearing polos that are two sizes too small, shirts that have unattractive printed graphics on them, and copious amounts of hair gel. They’re also the type of guys who are most likely to tap you on the shoulder if you’re standing in their way inside the lounge, never minding the fact that there may be at least five feet of walking space to either side of you. The $30,000/year millionaires are also occasionally referred to as “douchebags in the mist” – a strange type of person, to be sure. (For more details, check out http://www.dallasobserver.com/2007-11-29/news/douchebags-in-the-mist/) As for the second type of person, namely the “wannabe investment banker,” usually it’s harder to tell based on appearances. Bankers can come in all shapes and sizes; sometimes you actually have to establish a dialogue with them to identify this type of character. I’ve had several instances where I’ve run into the wannabe investment banker; I’ll recount for you a recent one that happened at a lounge last Saturday night. Caroline: “Andrew, I’d like to introduce you to my friend Numi.” Andrew: “What’s up man.” Numi: “Hi, nice to meet you” Andrew: “So how do you know Caroline? What do you do here?” Numi: “We met through an alumni event…I just moved here from New York to start a new job.” Andrew: “That’s cool…what do you do? I’m an investment banker.” Numi: “Oh, where at?” Andrew: “Citigroup.” Numi: “Oh, that’s neat…what area of banking are you? Are you in a particular product or industry group?” Andrew (confused by my question): “What do you mean by that?” Numi: “Oh, just curious what types of deals you help advise on.” Andrew: “Oh…yeah…product group. Right. I advise stocks. You know, my group helps people buy and sell stocks and we give them investment advice.” Numi: “That’s interesting. You might be the only investment banker that I know who does that as part of their job.” Andrew (another perplexed look on his face): “Oh…so what do you do?” Numi: “I work at a private equity company. Just moved here from New York a few months ago.” Andrew: “Oh…my bad…yeah, I guess to be specific, I actually work in the retail banking branch of the investment bank. That’s what I meant…” Numi: “Right…it’s cool, dude.” Andrew: “All right…well, I’m gonna go to the bar and grab a drink. I’ll talk to you later?” Numi: “Okay.” So anyway…those are at least a couple ways to tell that someone works in retail banking!
numi Wrote: ------------------------------------------------------- > Well, as somewhat of an aside, there are so many > midi-20’s through early 30’s males who strut > around in bars and lounges here like they’re big > ballin’ it since they work in retail banking. I > don’t know if this is just a Dallas phenomenon or > what, but the behaviot is just silly. I mean it’s > not like I’m rolling around in an Aston Martin > chucking my business cards at women on the street. > If it’s really the case that these retail dudes > aren’t rolling it in, why do they act like it? Do > they expect people to fall for such shenanigans? > What’s up with that… thats just it theyre sales men and are used to managing their impressions…to quote a fitting cliche “perception is reality”.
oooooh, I’m embarassed for Andrew… Why do people do that? numi Wrote: ------------------------------------------------------- > juventurd Wrote: > -------------------------------------------------- > ----- > > > > How can you tell by looking at someone that > they > > are specifically in retail banking? > Cotton/poly > > blends, black belt w/brown shoes, etc? > > Well, not all retail bankers are despicably > dressed. However, at least when I’ve encountered > them in social situations here in Dallas, they > usually fit into one of two character types, > namely [1] the “$30,000/year millionaire” (Dallas > is infested with them), and [2] the wannabe > investment banker. > > The $30,000/year millionaire is more easily > identifiable; akanska, kevinf12, or any of the > other Dallas AF folks can probably elaborate, but > they’re basically the type of folk that act like > they’re millionaires and splurge at bars/clubs > accordingly, when in fact they really don’t have > the wherewithal to be doing such thing. Usually > they can be spotted wearing polos that are two > sizes too small, shirts that have unattractive > printed graphics on them, and copious amounts of > hair gel. They’re also the type of guys who are > most likely to tap you on the shoulder if you’re > standing in their way inside the lounge, never > minding the fact that there may be at least five > feet of walking space to either side of you. The > $30,000/year millionaires are also occasionally > referred to as “douchebags in the mist” – a > strange type of person, to be sure. (For more > details, check out > http://www.dallasobserver.com/2007-11-29/news/douc > hebags-in-the-mist/) > > As for the second type of person, namely the > “wannabe investment banker,” usually it’s harder > to tell based on appearances. Bankers can come in > all shapes and sizes; sometimes you actually have > to establish a dialogue with them to identify this > type of character. I’ve had several instances > where I’ve run into the wannabe investment banker; > I’ll recount for you a recent one that happened at > a lounge last Saturday night. > > Caroline: “Andrew, I’d like to introduce you to my > friend Numi.” > Andrew: “What’s up man.” > Numi: “Hi, nice to meet you” > Andrew: “So how do you know Caroline? What do you > do here?” > Numi: “We met through an alumni event…I just > moved here from New York to start a new job.” > Andrew: “That’s cool…what do you do? I’m an > investment banker.” > Numi: “Oh, where at?” > Andrew: “Citigroup.” > Numi: “Oh, that’s neat…what area of banking are > you? Are you in a particular product or industry > group?” > Andrew (confused by my question): “What do you > mean by that?” > Numi: “Oh, just curious what types of deals you > help advise on.” > Andrew: “Oh…yeah…product group. Right. I > advise stocks. You know, my group helps people buy > and sell stocks and we give them investment > advice.” > Numi: “That’s interesting. You might be the only > investment banker that I know who does that as > part of their job.” > Andrew (another perplexed look on his face): > “Oh…so what do you do?” > Numi: “I work at a private equity company. Just > moved here from New York a few months ago.” > Andrew: “Oh…my bad…yeah, I guess to be > specific, I actually work in the retail banking > branch of the investment bank. That’s what I > meant…” > Numi: “Right…it’s cool, dude.” > Andrew: “All right…well, I’m gonna go to the bar > and grab a drink. I’ll talk to you later?” > Numi: “Okay.” > > So anyway…those are at least a couple ways to > tell that someone works in retail banking!
What is “retail banking”? I understand what a retail broker is, is that what we are talking about? Otherwise I picture retail banking as guys making auto loans. Side story: I was once in an interview with a guy and I told him I wanted to own my own shop. He said why not just open a branch with some brokerage firm. I replied I want to do real analysis, not sell annuities to old ladies. Turned out the guy as an ex-retail broker. Didn’t get the job.
So who did Caroline go home with?
Remember when Michael Scott was at the clubs and told that girl he was a teller because Ryan said chicks love people in finance? hahaha