CIBC guilty of age discrimination 

In late 2009, Achim Beck won his lawsuit against CIBC, in which he claimed that the Canadian Imperial Bank of Commerce had fired him, in May 2008, because he was too old. At the time, the English banker was 42 years of age and headed a derivatives marketing team in the Bank’s London offices. His dismissal coincided with the subprime crisis, which cost hundreds of employees in the sector their jobs. He was then making $1.5 million, not including the $1.28 million bonus he was entitled to each year. 

In mid-2008, the CIBC decided to replace him, asking a headhunting firm for a “younger, entrepreneurial profile.” The U.K. tribunal did not buy CIBC’s argument that “younger” meant “less experienced” and ruled that Mr. Beck had been dismissed unfairly because of his age. Mr. Beck had also alleged that CIBC targeted non-Canadians when making job cuts, but the tribunal dismissed this case. A CIBC spokesperson told the Toronto Star it was reconsidering its decision to dismiss Mr. Beck. The amount of damages and interest has not yet been determined.