Canadian Imperial Bank of Commerce (CM) has been accused of operating a hostile and
degrading environment for women, according to a discrimination lawsuit filed by a former
executive who worked in the London, England office of the financial institution.
Zhuofang Wei, who worked as an executive director at CIBC for nearly two years between 2018
and 2020, is suing CIBC for 800,000 British pounds ($1 million) for lost earnings and damages,
alleging she was subjected to sexual and racial discrimination by various managers.
Wei said she was dismissed by CIBC in March 2020 after she objected to taking on a new role
without an increase in pay.
CIBC denies Wei's allegations of discrimination and said her role was made redundant after her
responsibilities significantly decreased, according to a defence document made public by the
bank.
“CIBC is committed to a respectful and equitable workplace and takes any concerns raised by a
team member seriously,” said the bank. “Whenever any issue is raised through our confidential
hotline or any other avenue of escalation, we investigate thoroughly and take action as
appropriate.”
Wei's claim was heard by an employment tribunal in London, England earlier this month, with a
judgment expected in coming weeks.
Wei alleges CIBC's London office kept an “innuendo quote book” that staff were encouraged to
contribute to and vote on at the annual Christmas party, which included phrases such as “I am
going to hold you down and pop one in” and “she's up for a touch.”
China-born Wei was also subjected to discrimination directly on multiple occasions, she alleges,
including twice being asked by one of the bank's senior executives to babysit his children. Wei
and at least three female colleagues were also subjected to sexual comments about their attire
or appearance, she alleges.
In its defence document, CIBC denied all of Wei's allegations about the London office having a
discriminatory environment and denied she was subjected to unwanted harassment relating to
her gender or race.
Wei was in line for a role in CIBC's planned Luxembourg office but was not offered a pay raise
to reflect the increased responsibilities, she alleges.
Wei was meant to combine the roles of chief operating officer (COO) and chief risk officer –
which CIBC told regulators would likely command salaries of 330,000 euros and 225,000 euros
respectively – but was told she would remain on her existing base salary of 206,000 euros, she
alleges. CIBC argues that the salary levels submitted to regulators were estimates only.
CIBC stock is down 8% year to date at $69.18 per share.
