Gender Discrimination in Corporate America
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Code : GOV0014
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Region : Mynamar |
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Introduction: InApril 2004, Merrill Lynch had to pay $2.2 million in damages to Hydie Sumner, a broker at its San Antonio, Texas office, as compensation for discrimination and harassment by her supervisor.4 By May 2004, the investment bank had shelled outmore than $100million for settling issues of gender discrimination thatwere raised by nearly a 1000 of its female employees.5 In June 2004, Stephanie Villalba, a senior executive at the bank, slapped a case on the bank for sexual discrimination, victimization, unfair dismissal and unequal pay.6 If she wins, Merrill Lynch is liable to pay her around £7.8 million, which would be the highest payout in Britain for gender discrimination cases.7 At about the same time, another woman,ElizabethWeston, a solicitor inMerrill Lynch InvestmentManagers (MLIM), filed a fresh case onMerrill Lynch about the conduct of seniormale executives in the company.8 All these cases raised questions about the organisation culture at Merrill Lynch. They also resulted in the establishment of a neworder for handling issues.9 Today, Merrill Lynch’s employees are no longer required to go throughmandatory arbitration for settling their employment claims. Amemo sent by Stanley O’Neal, Chief Executive, acknowledged that Hydie Sumner’s sex discrimination case was “an embarrassing blot” on the bank’s reputation and contended that “We would have liked to have settled this case without going to arbitration, because there is no acceptable excuse for what happened at the office involved. |
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