Centerview analyst suing for $5m for not being allowed to sleep 9 hours
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Kate Shiber wondered why there was so much hurry-up-and-wait in investment banking. “I would really appreciate if we could strategise how we/I can be more efficient earlier in the day,” she wrote in an August 2020 email to a more senior banker on the “Project Dragon” deal team to which she had just been assigned.
A few weeks earlier, Shiber had joined Centerview Partners, the elite boutique M&A investment bank, as a 21-year-old, first-year analyst. The Dartmouth graduate said she had worked past midnight on the previous day but had signed off before confirming with her colleagues that her assignments were complete. She was contrite the next morning but also concerned that staying up perhaps all night would exacerbate her mood and anxiety disorders.
That day she told the firm’s human resources department about her medical condition and a therapeutic need to get eight to nine hours of sleep a night, later confirmed by a nurse’s note. Centerview immediately expressed compassion for her and implemented what it referred to as “guardrails”, a daily nine-hour window starting at midnight where she was excused from her work duties.
Less than three weeks later in September 2020, Shiber was summoned to a video meeting where two Centerview administrators fired her, tersely informing her the firm could no longer accommodate her sleep requirement. She has subsequently sued Centerview, accusing the firm of violating federal and state anti-discrimination laws that she believes apply to her based on her mental illness diagnoses. She is requesting $5mn in damages.
Junior analyst’s lawsuit against top bank puts Wall Street hours on trial - https://on.ft.com/3umdqhM via @FT