Centerview Partners, a prominent boutique investment bank, has reached a confidential settlement with former junior banker Kathryn Shiber, concluding a closely watched lawsuit that put Wall Street's gruelling work culture on trial. The case, set for a Manhattan federal court jury trial, centred on allegations that the bank violated disability discrimination laws when it fired Shiber in 2020.
The lawsuit stemmed from Shiber's request for an accommodation for her diagnosed mood and anxiety disorder, which she stated required eight to nine hours of sleep per night. Centerview has consistently denied any wrongdoing in the matter.
A Rare Glimpse into Analyst Demands
Court filings and depositions provided an unprecedented look into the extreme hours expected of first-year investment banking analysts. Testimony revealed that analysts typically work between 60 and 120 hours weekly, with one witness stating that "in some projects, you are working 24 hours a day."
The settlement means a jury will not now rule on the central questions regarding the legality of such demanding schedules and an employer's duty to accommodate medical conditions in high-pressure finance roles.
Bank Maintains Position Despite Settlement
In a statement to Business Insider, a Centerview spokesperson said, "Centerview has said all along that Ms. Shiber's legal claims have no merit. We were ready to prove that in court, and are confident we would have prevailed at trial. But we are nonetheless happy to put this distraction behind us and focus on delivering for our clients."
The specific terms of the settlement were not disclosed. Lawyers representing Kathryn Shiber did not respond to requests for comment from Business Insider following the resolution.
The case had been poised to set a significant precedent for workplace accommodations in the financial industry, where marathon workweeks have long been an accepted, if controversial, norm for junior staff. Its conclusion leaves these systemic questions formally unanswered.