Credit Suisse loses age bias case

Credit Suisse Canary Wharf

Age concern ?

An employment tribunal in London has ruled that the Swiss bank 'directly discriminated' against Tony Shiret, 55, when it dismissed him in May 2011 in a case which shines a spotlight on the City’s treatment of older workers.

The Financial Times reports that Shiret, who earned £350,000 a year, was dubbed the 'godfather of retail' in the City for his coverage of the retail sector where he had been rated second in the 2010 Extel analysts survey.

The tribunal found that 'age was part of the reason' why he was dismissed. It will decide levels of compensation – which could potentially run into hundreds of thousands of pounds – at a later date.

In the ruling on Shiret’s case, the tribunal judge highlighted an email sent by Charlie Mills, co-head of the bank’s pan-European equity research department. Mills wrote of Shiret: 'Can we offer early retirement ? He is 55 this year, retirement age is 58 at CSS extraordinarily', according to the ruling.

Hit the link below to access the complete Financial Times article:

Credit Suisse loses age bias case against 55-year-old (subscriber content)

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