Citigroup Inc. was sued for age discrimination by a 56-year-old London banker who had worked at the bank for almost three decades before he was let go in 2017.
Niels Kirk, a managing director for energy banking who was 55 when he was laid off in November 2017, said in court documents at a London court Tuesday that a senior investment banking official told him “you are old and set in your ways” before dismissing him as part of the bank’s restructuring.
Kirk’s performance ranking fell from “1” in 2014, the best-possible grade, to “3” -- indicating solid performance -- in 2015 and 2016, according to his witness statement. His overall compensation fell from 937,000 pounds ($1.24 million) in 2014 to 535,000 pounds in 2016, according to documents in the case.
Manolo Falco, Citigroup’s 54-year-old investment bank co-head, made the comment to Kirk when he was let go, Kirk said. Falco denies making the remark, according to Citigroup’s lawyers and senior executives are due to testify later this week.
“Citi supports the employees named in the proceedings, and is vigorously defending these claims,” Citigroup spokeswoman Edwina Frawley-Gangahar said in an emailed statement.
Of 51 managing directors in Citigroup’s EMEA Corporate Banking department in 2016, three were over the age of 55, according to documents filed by Citigroup. Fifteen were 50 or older.
This article provided by Bloomberg News.