If you're a top salesperson at a US investment bank, you expect to get paid. Sure enough, Isabel Sitz generated 12% of revenues at Oppenheimer Europe and was rewarded with a salary of £95k, plus (we assume) a bonus. However, one year later, Sitz had been deprived of her key accounts and had her pay cut to £15k - equivalent to the UK minimum wage of £6.08 an hour.
Sitz accused Oppenheimer of sex discrimination. Yesterday, Sitz won her case - making her the second London-based female banker in a week to be eligible for substantial damages as a result of sex discrimination. Like Sberbank's Svetlana Lokhova, Sitz detailed a catalogue of outrageous behaviour from unspecified male colleagues. References to 'Bunga-Bunga parties' were commonplace at Oppenheimer Europe and the court was told that her boss Max Lami and another senior banker Robert Van Den Bergh, stripped Spitz of her top accounts and gave them to male colleagues.
Despite their part in the Sitz discrimination case, the FCA Register shows that both Max Lami and Robert Van Den Bergh are still employed at Oppenheimer Europe. Den Bergh said he removed Sitz from key Irish accounts because she was “irrelevant and unknown.” Lami said Sitz was “caught up in a fantasy of her own making” after her core client base abandoned her.
Our research showed that many of Lokhova's tormentors are still employed at Sberbank in London too.
Separately, Goldman Sachs' edict that junior bankers must not work too hard comes into force this weekend. The US bank will reportedly do its damnedest to ensure that junior employees do no work (aside from repetitively checking their Blackberries) between 9pm on Fridays and 9am on Sundays. Anyone sneaking off and trying to work remotely risks being caught by the IT department, who will be checking logins. Supervisors who assign excessive weekend work will be 'disciplined.'
Will Goldman's new edict function as planned? Commenting on the bottom of the article in the New York Magazine, one person says it's unlikely:
'"They will still work. Do the work offline and import or copy/paste during work hours. Goldman hires people who are good at working around rules and solving problems. I'm sure they will find a way if it means a bigger bonus or promotion."
Bankers earn three times more than regulators. Regulators need to be paid more. (Guardian)
Gary Cohn co-signs memo moving CEO competitor Michael Sherwood into ambiguous new job at Goldman Sachs. (Financial Times)
Goldman is being investigated in the FX probe. (Bloomberg)
Today's students expect to earn £100k+ by the age of 40. (Telegraph)
People are less satisfied with their lives at weekends. (HBR)