Elite investment bank settles case that put Wall Street's 100-hour weeks on trial
Momo Takahashi, Business Insider
- A junior banking analyst sued her former firm over its unpredictable, grueling work hours.
- A settlement in the case was reached just before the case was set to go to trial.
- The terms of the settlement were not disclosed.
Centerview Partners and former junior banker Kathryn Shiber have reached a settlement, ending a closely watched lawsuit about Wall Street work culture that was set to go to trial in Manhattan federal court on Monday.
The case centered on allegations that the boutique investment bank violated disability discrimination laws when it fired Shiber in 2020 after she said she needed eight to nine hours of sleep each night because of an underlying mood and anxiety disorder.
Court filings and depositions in the case offered a rare look into the grueling demands placed on first-year analysts, including testimony that they typically work between 60 and 120 hours a week and that "in some projects, you are working 24 hours a day." Emails between Shiber and her higher-ups highlighted the unpredictable nature of the job, with her associate saying in one exchange that "there will always be more for you to do."
Centerview has denied wrongdoing.
"Centerview has said all along that Ms. Shiber's legal claims have no merit," a Centerview spokesperson told Business Insider in a statement. "We were ready to prove that in court, and are confident we would have prevailed at trial. But we are nonetheless happy to put this distraction behind us and focus on delivering for our clients."
The resolution means a jury will not weigh in on questions about Wall Street's long hours and workplace accommodations, and that top bankers won't have to take the witness stand. Tony Kim, the co-president of the investment bank, was among those expected to testify.
Terms of the settlement were not disclosed. Lawyers for Shiber did not respond to requests for comment from Business Insider.