Centerview Settles Lawsuit Over Junior Banker Work Hours
Boutique investment bank Centerview Partners has settled a lawsuit brought by a former analyst who claimed he was fired after complaining about a lack of sleep that led to a mood disorder. The settlement concludes a high-profile case that has renewed focus on burnout and mental health conditions within the demanding Wall Street culture.
- The lawsuit was filed by Kathryn Shiber, a Dartmouth College graduate, who was fired just 10 weeks into her three-year analyst program in 2020. She alleged disability discrimination, stating she was terminated after informing the bank of her need for 8-9 hours of sleep nightly to manage a mood and anxiety disorder. - Before her termination, Centerview had granted Shiber a temporary accommodation, allowing her to have a "hard stop" between midnight and 9 a.m. However, the firm later argued that the inability to work unpredictable and long hours was inconsistent with the essential functions of an analyst role. - Court documents revealed that junior analysts at Centerview were expected to work between 60 and 120 hours per week, particularly when on active deals. Shiber was assigned to a deal codenamed "Project Dragon," defending Duke Energy against a potential proxy contest by Elliott Management, which required her to work until 1 a.m. for several consecutive days. - The settlement avoided a public trial where senior executives, including co-president Tony Kim, would have been expected to testify about the bank's work culture and expectations. Centerview had also requested to keep its revenue and profit figures private to avoid a "David versus Goliath narrative," a request that the judge denied. - Shiber, who now works at Google, initially sought damages that at one point were cited as high as $20 million to cover lost potential earnings and emotional distress, though the final settlement terms were not disclosed. Since leaving Centerview, she has reportedly earned around $580,000. - This case follows years of scrutiny on Wall Street's demanding work culture, notably highlighted by a 2021 leaked presentation from Goldman Sachs analysts detailing 95-hour work weeks and deteriorating mental and physical health. In response to such concerns, some banks like JPMorgan Chase have created roles to oversee junior banker wellbeing.
