City banker sacked for not being "German"!!

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City banker sacked 'for not being German' launches £10m racism claim

 

Last updated at 08:30am on 12th September 2007 Comments

City financier: Malcolm Perry says he was forced out of his top job because he 'wasn't German'

 

One of the City's top bankers is claiming £10 million compensation for race discrimination after he was forced out by his employer because he wasn't German, an employment tribunal has heard. Millionaire Malcolm Perry, managing director and global head of fixed income for Dresdner Kleinwort's London branch, told the tribunal he was sidelined and then forced out as his bosses wanted to "turn it back into a German bank".

Several senior non-Germans, including English chief executive Andrew Pisker, quit the bank when they learned they were about to be replaced by Germans during a merger and eventually Mr Perry was made redundant.

If he wins it will be largest compensation ever paid for race discrimination case.

Perry, originally from Australia, was headhunted from US investment bank JP Morgan to become DrKW's £2.2 million a year global head of fixed income to help turn around struggling areas of the bank's capital markets business in April 2005.

He was also paid a 1.3 million euro 'golden hello' for the shares he forfeited when he left JP Morgan.

But within months the German bank was buzzing with rumours that its owner, German insurance giant Allianz, wanted to merge Dresdner Bank's corporate finance and investment arms, the Central London employment tribunal heard..

 

Allianz board member: Paul Achleitner

 

Mr Perry said his boss, Steve Bellotti, was told by Allianz board member Paul Achleitner, that the merger was being delayed because they were "having difficulties finding a suitable German" as CEO. Later German outsider Stefan Jenztsch was brought in as head of the merged company instead of Mr Pisker.

Mr Perry told the hearing: "It was clear to Steve and I that only a German was acceptable as the CEO for the proposed new merged entity."

Intense speculation about Mr Jenztsch's plans for the restructuring left non-Germans "nervous" about their futures at the bank, Mr Perry said.

"As it transpired their concerns were entirely justified" he told the tribunal.

Mr Jenztsch went behind the backs of Mr Perry and his fellow Australian Mr Bellotti to secretly plot the reorganisation of their capital markets department with the more junior Bill Fish, it was claimed.

Mr Fish is British but is "regarded as German" by bosses in Frankfurt because he had spent years in the country and speaks the language fluently.

When Mr Perry found out and raised his concerns with Mr Jenztsch he was given reassurances - but was later excluded from all-German discussion groups and dropped from his position on a strategic taskforce.

Mr Perry, from Barnes, south west London, who is claiming racial discrimination and unfair dismissal, is seeking £10 million for hurt feelings and loss of earnings.