What You Must Know
- In a lawsuit, Kevin Meyersburg alleges that the wirehouse changed him with a less-qualified Black girl.
- The agency has been the goal of discrimination complaints earlier than, equivalent to when its head of variety alleged it discriminated towards Black ladies.
A white former Morgan Stanley dealer and government sued the wirehouse on Tuesday in New York, alleging he was fired and changed by a less-qualified Black girl.
In a grievance filed at U.S. District Courtroom for the Southern District of New York in Manhattan, Kevin Meyersburg alleged that, whereas with Morgan Stanley as managing director and head of Government Providers, he “developed a formidable checklist of achievements.”
These achievements, the grievance mentioned, included “creating and spearheading Government Providers Companion Referral Applications that resulted in over 3,000 new wealth administration accounts and $5 billion in wealth administration property beneath administration for the Agency.”
Moreover, “beneath his management, the Agency’s Government Providers workforce grew from 50 to 330 workers, practically tripled in price range measurement and performed a pivotal position in producing earnings for Morgan Stanley throughout a interval when different divisions struggled to be worthwhile,” the grievance alleged.
In about April 2023, the wirehouse began saying a collection of layoffs due to its latest monetary “underperformance,” based on the grievance. The corporate “carried out nearly all of the layoffs by combining and collapsing related groups,” it mentioned.
Nevertheless, resulting from its “Morgan Stanley didn’t goal Meyersburg’s Government Providers workforce for elimination nor did it lay off a major variety of workers from the Government Providers workforce,” the grievance acknowledged.
However “Morgan Stanley knowledgeable Meyersburg on Could 11, 2023, that he was being terminated and changed within the Managing Director position that he had held for practically three years with a Black feminine with considerably much less expertise and {qualifications} for the place,” the grievance alleged.
