In 2007, the Bank terminated an Analyst in its Distressed Debt Trading Group by payment in lieu of notice, following completion of a Performance Improvement Plan (PIP). She was not awarded any bonus on her departure.
The Analyst's contract stated that she was eligible for a bonus under the Bank's discretionary bonus scheme (Bonus Scheme) as part of its "pay for performance" culture. It was a condition of any award that she was "employed by the Bank at the time of bonus payment".
The Analyst claimed, amongst other things, that the Bank terminated her employment with intention to avoid her from becoming eligible for an award under the Bonus Scheme and she sought damages for loss of bonus.