🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Nomura is sued in US by former researcher alleging gender bias

Published 01/23/2024, 01:59 PM
Updated 01/23/2024, 04:40 PM
© Reuters. FILE PHOTO: The logo of Nomura Securities is seen near the company's Head Office in Tokyo, Japan, November 28, 2016. REUTERS/Toru Hanai/File Photo
NMR
-

By Jonathan Stempel

NEW YORK (Reuters) -Nomura Securities was sued in New York by a former quantitative researcher who said she was underpaid relative to men and fired after insisting that her team "should stop discriminating against women."

Xue Feng filed her lawsuit on Monday in federal court in Manhattan, seeking unspecified damages for alleged violations of federal civil rights, equal pay and medical leave laws, and New York state and city human rights laws.

Feng, who is known Heidi, said she had worked in Nomura's otherwise all-male Global Equities Digital Office, which she joined in August 2020 as an associate quantitative researcher after holding a similar job at JPMorgan Chase (NYSE:JPM).

The Manhattan resident said her former boss once acknowledged that she was "underpaid" relative to men.

She also said Nomura gave her an unfair performance review and began ignoring her after concluding that her medical tests for possible cancer kept her out of the office too often.

Feng said she was fired last July 29, ostensibly in a reorganization, after she mentioned discrimination in an internal survey about the workplace, and gave negative feedback about two managers. No one else lost their jobs, she said.

Nomura said the lawsuit had no merit. "The claimant was not subjected to unlawful discrimination, and the company intends to defend vigorously against allegations to the contrary," it said in a statement.

Many banks have taken steps to make their workplaces more inclusive.

Nomura's Tokyo-based parent Nomura Holdings (NYSE:NMR) pledges on its website not to tolerate gender discrimination in employment.

In a 2022 report cited in the complaint, Nomura acknowledged paying men more than women in other parts of the world, but said it had made progress in closing the pay gap.

Feng's lawyer Brendan Sweeney said his client's case could show similar disparities in the United States.

© Reuters. FILE PHOTO: The logo of Nomura Securities is seen near the company's Head Office in Tokyo, Japan, November 28, 2016. REUTERS/Toru Hanai/File Photo

"Nomura had different rules for men and women," Sweeney said. "The only person impacted by its reorganization was the only woman, who had complained about discrimination."

The case is Feng v. Nomura Securities International Inc, U.S. District Court, Southern District of New York, No. 24-00467.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.