The media seems to have its knives out for US investment bank Merrill Lynch as it defends the largest sex discrimination claim ever brought in the UK.
Now the Sunday Times reports that the bank has defended twice as many allegations of sex discrimination in the UK as any of its rivals in the past five years.
Most, it claims, were settled most out of court, imposing strict confidentiality clauses to prevent the grievances becoming public.
Female executives described a male-dominated work environment where women fail to reach the highest positions and are forced to tolerate sexist language or be excluded.
One senior woman, who left the US-based investment bank last year, said: “Sexist remarks were made routinely. The men would misunderstand you on purpose and give your words an innuendo. That was just the way people talked to each other. I have never come across it to that extent anywhere other than Merrill Lynch.”
It does certainly not surprise me that ML is in trouble overseas on this issue; I have worked on and currently off of ML for 20 years. In 1988 there were only 3 minority executives in Domestic Private Client. Today it is hardly better, for white women dominate at all levels. Minorities are set to compete with white women for jobs, the 'boy's club' lives and prospers and now is the 'girl's club'. The company finds it impossible to create a balance since competence and integrity seem to have disappeared from corporate culture. The company flounders in mediocricy and mismanagement look at the endless reorganizations....no vision no plan. I have known personally 3 ML CEO's as bad as it was; it never was as bad as this.......for they were men of personal moral integrity.
The Siccilians say a fish rots from the head....