Business

Big Bank Exec Alleges Company Fired Him To Reach Diversity Goals

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A former executive with banking and wealth management firm Morgan Stanley is alleging the company discriminated against him, hiring a black woman with “less experience and qualifications,” according to a lawsuit filed Tuesday.

Kevin Meyersburg is alleging he was unfairly fired in May from his role as managing director and head of executive services after three years with Morgan Stanley, according to the lawsuit. Despite his “impressive list of achievements,” Meyersburg was replaced by a black female and alleged his manager Brian McDonald, Head of Morgan Stanley at Work, told him his termination was “not based on his performance” and he “could not explain to Meyersburg why the decision had been made.”

“Morgan Stanley did not point to any deficiency in Meyersburg’s work performance or otherwise in justifying his termination and replacement. Instead, Morgan Stanley’s decision to terminate Meyersburg, a White male, and replace him with a Black female was the result of the Firm’s attempt to comply with its Diversity and Inclusion objectives,” Meyersburg alleges in the lawsuit.

Meyersburg insists in the lawsuit that he was repeatedly told by McDonald that his performance was excellent, and during cuts to the firm, McDonald told him his team was being cut the least.

“Under his leadership, the Firm’s Executive Services team grew from fifty to 330 employees, nearly tripled in budget size, and played a pivotal role in generating profits for Morgan Stanley during a period when other divisions struggled to be profitable,” the lawsuit reads.

Lawsuits targeting so-called “diversity, equity and inclusion” programs that discriminate on the basis of race and sex have been emerging across the corporate world.

American Alliance for Equal Rights (AAER), a conservative legal group, sued two major law firms Aug. 22, alleging the firms’ diversity fellowships violated the Civil Rights Act of 1866. America First Legal (AFL) filed a complaint with the U.S. Equal Employment Opportunity Commission (EEOC) in June 2022, alleging that Morgan Stanley’s “Freshman Enhancement Program” violates Civil Rights laws by discriminating on the basis of race, color, sex or national origin, according to a press release.

“This is an example of DEI run amok,” Louis Pechman, Meyerburg’s attorney, told The Washington Post.

Morgan Stanley did not immediately respond to the Daily Caller News Foundation’s request for comment.