Ramesh Menon, Citigroup's head of U.S. structured products, is suing the firm for racial and national origin discrimination, and singled out Jim Forese, global head of equities, and Joseph Elmlinger, global head of equity derivatives, as the two individuals responsible for allegedly creating an environment that favors white males over minorities and women. Menon doesn't see discrimination as a company- or division-wide phenomenon, said his lawyerRichard Horowitz.
In a complaint filed on Oct. 21 at the U.S. Southern District Court of New York, Menon lays out a detailed case citing what he deems to be a consistent pattern of preferential treatment of white males at the expense of minorities he claims were equally or more qualified for promotions and bonsuses. He lists a series of recent departures from the equities business in the complaint and suggests a number of the individuals felt their opportunities for growth were limited at Citi. Menon is suing for a combined USD138 million: USD38 million in damages and USD100 million for the discrimination. "My client believes that it's not an overt white man's club, but when push comes to shove, it always falls one way," said Menon's lawyer.
Meanwhile, Menon continues to work at Citi and although he and his colleagues are aware of the suit, work relations remain largely intact. "[Elmlinger and Menon] chat about business all the time," said a person close to the situation.
Forese was not available to comment and Elmlinger referred calls to spokeswoman Christina Pretto, who said Citi believes the lawsuit is without merit and will contest it vigorously. "Citigroup is fully committed to fair employment practices and to providing a respectful and professional work place free of discrimination," she added. Menon referred calls to his lawyer, who said his client is willing to pursue the claim as long as necessary.
