She fought for more support from her employer, Swiss bank UBS. But instead, the banker claims she was discriminated against. The U.S. star broker decided to leave and filed a complaint against the bank.
UBS is facing a discrimination complaint in the U.S. The plaintiff in question is Christine Carona, an ambitious broker who once managed more than $300 million in client assets. She was a member of the «President’s Council» – an elite club for star brokers.
Since last year, Carona is no longer with UBS. She has signed a contract with rival Morgan Stanley instead.
Carona left because she felt that the bank and her superior tried to stifle her career, according to a report by «Bloomberg» (behind paywall). And as a consequence, in 2017, Carona filed a complaint against UBS with the Massachusetts Commission Against Discrimination.
In Arbitation
In the complaint, she alleged that she had been denied an equal financial and administrative support that a male broker typically would have received. In May of 2018, the broker retracted her complaint in order to prepare a lawsuit. The case currently is in arbitration, according to a source familiar with the matter, «Bloomberg» reported.
UBS says it will defend itself against what it called «baseless allegations». The bank is dedicated to offering an inclusive, respectful and merit-based workplace.
Stereotyped and Belittled
Carona however accuses James Ducey, her former boss, to stereotype women and belittle their work as brokers. Also, she claims that UBS rewards male workers with golf tours and tickets for sporting events, while she never received such compensation.
Carona was a successful broker who focused on clients who had become rich quickly, be it through the sale of a company stake, through a divorce or following the death of a relative. She also advised families with children with special needs. In total, she catered for more than 500 households and generated commissions and fees of $2 million.
To the Bitter End
She has been an active broker for more than two decades, eight years of which she spent at UBS. «Forbes», the U.S. wealth magazine, has listed her as one of the best financial advisers in the U.S.
Carona said that UBS had promised her two assistants to help manage the accounts, but didn’t live up to its promise. Her complaint with Ducey didn’t yield the hoped for response either. She says he told her that she wasn’t as tough anymore. She later was asked to share her assistant with a male colleague. Ducey declined to comment, according to «Bloomberg».
Carona’s lawyer didn’t comment either but said that the broker was ready to litigate the matter to its conclusion.
