Sexism in the City

13 Jul 2004 By Fiona Maharg-Bravo

The bank s $54m settlement is clearly a victory for women working on Wall Street or in the City. But it probably won t make life too much easier for them, especially in corporate finance.

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Morgan Stanley agreed pay $54m to settle a sex bias suit in a lastminute agreement with the US Equal Employment Opportunity Commission. The EEOC claimed the US bank systematically underpaid and failed to promote women in its equities business. As part of the settlement, Morgan Stanley will pay $12m to Allison Schieffelin, the Wall Street trader whose 1998 complaint sparked the case. It also has set aside $40m to pay claims from any of the estimated 340 mid and upperlevel women covered by the settlement who can demonstrate that they were discriminated against.

Morgan Stanley continues to deny that it practiced discrimination.

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