Banker at Deutsche Bank nicknamed Christine Lagarde loses tribunal

Senior female banker at Deutsche Bank, 59, who was nicknamed Christine Lagarde by male colleagues loses £4.6m claim for unfair dismissal and age and sex discrimination

• Elisabeth Maugars, managing director at Deutsche Bank, was suing the firm 
• She claimed she was made redundant because of ‘culture of sexism and ageism’
• But tribunal ruled she was treated fairly, saying it was just ‘office irritation’

A banker nicknamed Christine Lagarde by male colleagues has lost a £4.6million discrimination claim – with a tribunal saying her treatment was just part of ‘the irritation of office life’.

Elisabeth Maugars, who earned a £295,000 salary as a managing director at Deutsche Bank, claimed she was made redundant because of a ‘culture of sexism and ageism’ at her bank.

She said the decision to let her go was ‘perverse’, ‘irrational’ and ‘heinous’ and there was a ‘boys club’ at work that discriminated against her as an ‘older woman’ who refused to dye her hair, an employment tribunal heard.

Ms Maugars, 59, told how colleagues called her ‘Christine Lagarde’ – who is the President of the European Central Bank – because both women are French and have grey hair.

Ms Maugars told how co-workers called her ‘Christine Lagarde’ (pictured) because both women have grey hair

After her dismissal, she tried to sue the bank for £4.6million in damages. 

But her claims of unfair dismissal, age discrimination and sex discrimination all failed after a panel ruled she was treated fairly.

Being called Christine Lagarde was ‘part of the irritation of day to day office life which occasionally occurs’, the judge said.

The East London tribunal heard that Ms Maugars had worked in banking for 35 years and was ‘very successful’.

In 2015, at the age of 52, she joined Deutsche Bank as managing director of non-recourse lending, based in London.

Elisabeth Maugars, had been a managing director at Deutsche Bank on a £295,000 salary

Five years later she was ‘genuinely shocked’ when – during the pandemic – she was placed at risk of redundancy and dismissed in October 2020.

In laying out the reasoning for her selection for redundancy, the bank pointed out that her US counterpart brought in £29million in business in the previous year while she brought in £6million.

The tribunal heard that in a ‘tactless’ move the bank asked her to give up a month’s salary to help with the bank’s cost-cutting, just a few weeks before telling her she may lose her job.

Ms Maugars argued to the tribunal there must be ‘something more’ to her redundancy as it was ‘so perverse and irrational, even heinous’.

She said there was a ‘clique’ of men younger than her at the bank and claimed that the use of the word ‘guys’ as the opening greeting in emails was proof she was being excluded.

As part of the ‘culture’ of discrimination against ‘older women’ she pointed to her nickname of Christine Lagarde, which the employment tribunal described as ‘rather silly and probably annoying’.

Ms Maugars also accused the member of staff who made decisions on her redundancy as having ‘limited interaction’ with her compared to with male colleagues. 

She said he discussed her performance and business ‘behind her back’ and he was more comfortable with ‘the guys’, the tribunal heard.

However, the tribunal pointed out she ‘loved’ the business and there was no indication that the allegations of discrimination had damaged her ‘extremely positive’ attitude towards her work previously.

When looking into redeployment opportunities for her at the company’s US branch, bosses said: ‘We need to recruit bankers with existing books who can start moving clients over right away.

‘So it’s hard to take one of those precious spots for someone who isn’t currently a banker who is also moving from London. She has very good skills but I just don’t think we can get this done.’

Dismissing Ms Mauger’s claims against Deutsche Bank entity DB Group Services (UK) Limited, employment judge Bernice Elgot said: ‘None of those involved with her redundancy, for example, called her by the nickname Christine Lagarde.

‘[This] is a rather silly and probably annoying comparison with the current President of the European Central Bank based solely, it would seem, on the fact that both [Ms Maugars] and Madame Lagarde are women, are French and have grey hair.

‘We make no finding that this comparison was offensive or indicates a “culture” of discrimination against older women. It is part of the irritation of day to day office life which occasionally occurs.

‘[Ms Maugars] pursued no formal complaint or grievance about it.

‘In summary, the reason why [Ms Maugars] was placed at risk and, following consultation and then a comprehensive search to re-deploy her, was ultimately dismissed was because she was redundant.

‘The bank had need of less employees to do the work, however important, complex and demanding and no matter how integral to its GL business, which she did and she was fairly and reasonably selected for redundancy.

‘This has been a crushing blow for her but it was not sex or age discrimination.’

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