Calling an older female banker who would not dye her grey hair "Christine Lagarde" was not discrimination, a tribunal has ruled.
The female banker, who complained about being nicknamed Christine Lagarde by male colleagues, lost a £4.6 million discrimination claim in a "crushing blow".
Elisabeth Maugars, a managing director at Deutsche Bank who earned a £295,000 salary, claimed she was made redundant because of a "culture of sexism and ageism" at the bank and described the decision to let her go as "perverse", "irrational" and "heinous".
She said that there was a "boys' club" at work discriminating against her as an older woman who refused to dye her hair, the tribunal heard.
Ms Maugars told how co-workers called her "Christine Lagarde", a comparison to the President of the European Central Bank based on the fact that both are women, are French and have grey hair.
After losing her job she took the bank to the tribunal claiming £4.6 million in damages but her claims of unfair dismissal, age discrimination and sex discrimination all failed after a panel ruled she was treated fairly.
An employment judge found that the nickname was "part of the irritation of day to day office life which occasionally occurs".
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.
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 her US counterpart brought in £29 million in business in the previous year while she brought in only £6 million.
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 might 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.
The employment tribunal described the nickname of Christine Lagarde as "rather silly and probably annoying". Ms Maugars also accused the member of staff who decided on her redundancy as having "limited interaction" with her compared to with men.
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 about her work previously.
When looking at her for redeployment opportunities 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."
