Private bank J. Safra Sarasin refuses to comment on a lawsuit in Hong Kong but persons familiar with the matter talk to finews.asia.

Even as the bank clams up about an ongoing lawsuit in Hong Kong where a former employee has alleged she was treated unfairly and dismissed while she was on medical leave, persons familiar with the matter have confirmed to finews.asia the bank's stance on the matter. 

Feroze Sukh, a managing director, and team head at the bank is accused by former employee Eleanor Marie Coleman of violating Hong Kong’s Sex Discrimination Ordinance and Disability Discrimination Ordinance. Coleman has demanded an apology and diversity training for senior managers at the bank as well as an unspecified amount in punitive damages, as finews.asia reported earlier. 

Nice Guy – No Merits

Although a spokeswoman for the bank said it had no comments on the issue because it was in Court, several people at the bank have confirmed that it is «standing by him». When contacted for a reaction, colleagues responded by calling him a «nice guy» caught up in an «unfortunate» situation.

The bank has communicated with key employees on the matter, asserting that the case has «no merits» and reiterating that it has procedures in place to ensure all employees are «treated with dignity». Coleman, meanwhile, is now working with a different wealth management firm. 

Boy's Club? 

Unlike in the rest of the world, private banking is not a «boy's club» in Asia where the number of successful women in senior roles equals, if not outnumbers, men. J. Safra Sarasin in Asia is led by a power female CEO Enid Yip. 

A managing director at UBS, another institution embroiled in controversy over how it treats female employees in its home market, says «discrimination [against women] is the exception not the rule» in Asia, certainly amongst the larger platforms.

Discrepancy Between Policies

However, there is a discrepancy between policies at large global banks, especially the American banks, and the lack of any explicit policies or procedures at the boutiques. Regardless of which way the judgment goes, the allegations against J. Safra Sarasin are likely to hasten change amongst these players, she believes.