Background of the Case
Shiber, a former first-year analyst at Centerview Partners, alleged that the firm violated disability discrimination laws when it fired her in 2020. She had informed the company that she required eight to nine hours of sleep each night due to an underlying mood and anxiety disorder, according to court filings.The lawsuit argued that the bank failed to properly accommodate her medical needs before terminating her employment. Shiber was reportedly seeking millions of dollars in damages before the case was resolved.
Centerview has denied wrongdoing. A spokesperson for the firm told Business Insider that the company had maintained from the beginning that Shiber’s claims lacked merit and that it was prepared to defend itself in court. The spokesperson added that the firm was confident it would have prevailed at trial but was pleased to resolve the matter and move forward.
Accommodation and Termination Timeline
Shiber joined Centerview in July 2020 and was staffed on an active transaction internally referred to as “Project Dragon,” according to court filings. After several consecutive days of working until about 2 am, she logged off at around 1 am on a Friday without informing team leads of her plans.Following communication with human resources, the bank granted her a work accommodation that provided a protected window from midnight to 9 am for sleep. However, reports indicate she was dismissed less than three weeks after that accommodation was put in place.
Judge’s Ruling Before Settlement
Before the parties reached a settlement, a federal judge had ruled that the case could proceed to trial. The judge said there was a genuine dispute over whether constant availability at any hour was an essential requirement of the first-year analyst role.
The ruling meant senior executives, including co-president Tony Kim, were expected to testify if the trial had gone ahead.
Spotlight on Wall Street Work Culture
Court documents and depositions offered a rare look into the working conditions of junior investment bankers. Testimony cited in filings stated that first-year analysts often work between 60 and 120 hours a week, and in some projects, work can extend around the clock.
Junior bankers, formally known as investment banking analysts, are typically recent graduates handling tasks such as preparing pitch materials and compiling financial data for senior bankers.
With the settlement now in place, a jury will not weigh in on broader questions about long working hours or the extent of workplace accommodations required under disability laws.
