Finance
Major Bank Fires Exec for Diversity Quota? Bombshell Lawsuit Reveals All
Clear Facts:
- Former Morgan Stanley executive Kevin Meyersburg alleges he was dismissed to meet the firm’s diversity goals, despite his significant achievements.
- The lawsuit points out that Morgan Stanley made the decision based on its Diversity and Inclusion objectives, not Meyersburg’s performance.
- Legal challenges against corporate “diversity, equity, and inclusion” programs have been on the rise, with critics alleging discrimination.
Kevin Meyersburg, a former managing director and head of executive services at Morgan Stanley, has filed a lawsuit against the banking giant, alleging that he was unjustly terminated as part of the company’s attempt to fulfill its diversity objectives.
The lawsuit asserts that Meyersburg was replaced with a black female, despite having an “impressive list of achievements” and no work deficiencies pointed out by the company.
Meyersburg alleges his superior, Brian McDonald, Head of Morgan Stanley at Work, told him his dismissal was “not based on his performance,” further adding that he “could not explain to Meyersburg why the decision had been made.” The lawsuit claims:
“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.”
According to the lawsuit, under Meyersburg’s leadership, the firm’s Executive Services team witnessed remarkable growth, expanding from fifty to 330 employees and tripling its budget size.
The team played a significant role in generating profits for Morgan Stanley, especially during times when other divisions faced profitability challenges.
Meyersburg’s accusations shed light on the broader debates and legal challenges against “diversity, equity, and inclusion” programs across corporations.
Such initiatives, when perceived as discriminatory, have faced legal opposition. For instance, in August, the American Alliance for Equal Rights (AAER) sued two major law firms, alleging their diversity fellowships contravened the Civil Rights Act of 1866.
In a similar vein, America First Legal (AFL) lodged a complaint in June 2022, alleging that Morgan Stanley’s “Freshman Enhancement Program” breaches Civil Rights laws.
Commenting on the case, Louis Pechman, Meyerburg’s attorney, stated to The Washington Post, “This is an example of DEI run amok.”
Morgan Stanley has yet to comment on the lawsuit.
We want to know what you think! Share your thoughts in the comments below.
Jonathon Swift
September 9, 2023 at 6:49 pm
Affirmative Action equals reverse discrimination! This is what this is! Even more blatant, removing an excellent employee to get what? Probably an employee who will screw up the business – makes no sense! Two wrongs don’t make a right! And this is wrong, wrong, wrong to do this to a very good employee simple because he is a White man!
Patriot
September 11, 2023 at 10:34 am
Morgan Stanley is a racist company that cares more about diversity and inclusion than actual job performance.How can you trust these people to manage your financial portfolio when they subscribe to these woke policies.
R lee
October 9, 2023 at 8:14 am
Funny how suddenly the media is supposed to be not telling the truth and promoting propaganda, but when it really was doing that they were praising it.
R lee
October 9, 2023 at 8:17 am
This reply posted to the wrong story. oddly enough it posted twice
R lee
October 9, 2023 at 8:15 am
EXACTLY
Rat Wrangler
September 11, 2023 at 6:58 am
I have written to Congress more than once asking that they look into removing “at-will” employment laws. 49 states and Washington, DC have this practice on their legal books, and its removal would force businesses to fire only for cause, and would be required to notify the employee of that cause. In this way, if their “cause” is diversity, inclusion, or equity, they would have to admit it.
Colby Goodson
September 11, 2023 at 7:53 am
I would demand a $10 mil severance package to settle. Goodbye.
The Rebel
September 11, 2023 at 8:38 am
Why do we not push the diversity issue in the NBA and the NFL? Look ay the imbalance at the college/university level in sports program——VERY UNFAIR !!!
Lily
September 11, 2023 at 10:09 am
Competence,integrity,and achievement would make a lot more sense when it comes to hiring and keeping an employee. Shouldn’t the goal be quality workmanship.
theophilos george vallas
September 11, 2023 at 10:29 am
I.ve dealt with this affirmative action BS all my life. It is without question direct discrimination against white males. For me the first instance was when I was passed up for the new york state police because even though I scored almost perfect on the entry exam I was told that regardless of your score that they were under federal guidelines to hire blacks, hispanics and woman regardless of their score. You reap what you sow, just look at all the terrible police officers that are nationwide now. The corrupt democratic party influenced all of this this shortly after they eliminated JFK. The citizens need to wake up and keep these people out of power before their ends up being another civil war for which the north will never win again. No one should be guaranteed a job based on race, gender, or religion. It’s not right and it’s definitely not smart.
Homer
September 11, 2023 at 10:57 am
IT was always thought that skills, performance, knowledge and work ethics were the basis of hiring and firing! IF, as is said, we are all equal, then why is it that this happens! DO PEOPLE REALLY want the basis of why the “RACES” are different? Here is what GOD ALMIGHTY, “SAID and DID! SEE that reason in Genesis 9:20-27 KJV THESE are NOT my words, and I did NOT write them! I believe them and if there is a problem with the GOD of THIS UNIVERSE in this racist write up and words of wisdom, then take things up w/the “ONE” who wrote the same!!
Homer
September 11, 2023 at 11:13 am
ONE “MORE” thing; IF anyone, or any race or creed or color or nationality is racist, or Bigoted or any such like in this matter, then be sure that “ALL” men are the same and will do the same as any other race and seek to be just as they claim another race is doing! Racism, etc etc is UNIVERSAL< NOT race based! Man at his best state is altogether vanity. Psa. 39:5
David
September 11, 2023 at 2:32 pm
I guess I can not do business with Morgan Stanley. I am retired and was once a banker. A bank takes its customers money and invests it to make a profit so they can pay the customer interest. If the bank make stupid mistakes and can not pay the savers what they are owed the Federal Gov steps in and pays it. In other words a bailout using potentially using taxpayer money. Diversity has no business in a bank or any other business. Investors should be avoiding businesses that are making such bad moves. They are not in business to take investors money, use part of it to satisfy some artificial diversity quota, and invest the rest. That is a recipe for failure. This gentleman had a successful profit making division that he created and they fired him for diversity. Not a sound business decision. There are many mid size regional banks that are still run conservatively that are a much safer investment. The big boys seem to cave easily to a loud minority.
James
September 12, 2023 at 8:41 am
Wouldn’t hiring a less skilled worker over keep a highly skilled worker, cause the bank to close its doors and move ?
Shirley
September 12, 2023 at 8:46 am
You might have more people follow you IF you would remove the “Top Stories” box that there is NO LINK to close it.
Wanda
October 9, 2023 at 7:01 am
I think it is interesting that SSA feels it necessary to form a committee, led by a “senior” employee, to look at issues related to overpayment. This boggles the mind. SSA Director should know how benefits are calculated, even in times like pandemics. If there is a mistake, remove the Director, senior employee in the finance and accounting departments, revise calculating procedures, if that’s the problem. If it is mismanagement, neglect, abuse of the system, terminate those involved. Save the taxpayers money when you already know the who, what, when and where of this issue, because, to be frank, you already know what the issues are related to overpayments.