CDO banker wins unfair dismissal case against CIBC

According to various media reports, CIBC has lost a wrongful dismissal case brought by London-based structured credit marketer Achim Beck. An employment tribunal upheld Beck’s complaint that he had been discriminated against because of his age after hearing of an internal memo which said that candidates for a new position should have a “younger, entrepreneurial” profile. Beck, who is 42, had his contract terminated for what CIBC claimed were reasons of redundancy in May 2008. Earlier accounts suggested that the German national also claimed to have been discriminated against because of his nationality.