Citigroup Fires '$138m Man'

Citigroup has fired Ramesh Menon, the senior executive who recently sued the company for at least $138m, complaining that he was underpaid, was denied promotions and actually demoted when he raised complaints of racial and gender discrimination.

43 year-old Menon was Citigroup's head of US structured products. He filed a lawsuit in Manhattan last month, saying that he was 'systematically and routinely' underpaid and passed over for promotions because of his race (Although a naturalised US citizen, Menon was born in India). The banker said that he was demoted in February, and puts this down to complaints he raised against the firm. Richard Horowitz, Menon's lawyer, said last month that 'although Citigroup has preached concern about diversity, the facts speak for themselves......The bank continues to foster a 'white men's club' by disproportionately promoting and more highly compensating white males than equally or more qualified women and minorities'.

After news of the firing became public, Citigroup said in a statement that 'for more than a year, Menon has failed to adhere to basic requirements of his job, such as coming into the office every day and performing his managerial responsibilities'. Citigroup re-affirmed that it thought that Menon's lawsuit was 'without merit, its allegations are false, and we will contest it vigorously'.

Horowitz said that 'we think the proffered reason for his firing is pretextual and he is being fired for pressing his discrimination claim'.

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