Deutsche Bank Accused of Gender Discrimination

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The Equal Employment Opportunity Commission has censured Deutsche Bank, saying it has found evidence the bank discriminated against a former female saleswoman and other female employees.

In a letter of determination sent to the bank, the EEOC said there was sufficient evidence, including documents and eyewitness accounts that supported gender discrimination charges. The letter said the bank subjected Leigh Short, a former saleswoman at its New York securities office, and other female employees working at Asian and Australian sales desks to gender discrimination.

Short alleges she was paid less than similar male employees and that the bank "cultivated a misogynistic culture" which stunted her career growth. She left the bank in May 2004 after allegedly being forced out. The letter said that Short alleged Deutsche Bank "maintained a practice of allowing her manager (to) attend and expense social outings to strip clubs with her male colleagues and clients."

The EEOC suggested Deutsche Bank resolve this matter before it reaches the court level.

Deutsche Bank is the latest financial institution to face sexual discrimination charges. In June, female financial advisors filed a nationwide class action lawsuit against Morgan Stanley claiming discrimination two years after the bank paid $54 million to settle charges of sexual discrimination.

In April, a senior anti-money-laundering lawyer at HSBC's private bank in New York sued the bank for discrimination and defamation after being fired last August for alleged violations in how she accounted for her time and expenses.

Two former employees of the New York Stock Exchange filed a $32 million sexual harassment lawsuit against the exchange in April. The suit was supported by the EEOC, which last year ruled the NYSE failed to prevent and report sexual harassment following complaints by former employees Vjoca Selmanovic and Graciela DaSilva.

Credit Suisse was also the target of a discrimination suit. In March, Anthia Christian, a former senior analyst and stock strategist at Credit Suisse First Boston, claimed she was subjected to racial and gender discrimination by CSFB executives who pushed her steadily down the corporate ladder, replacing her at each step with less experienced white men.