The sexism of 'Bunga Bunga' bank boys drove me to despair. And it's also costing you your pension: Shocking warning from the city broker forced out of her job for being a woman By Isabel Sitz Sexism: Isabel Sitz, pictured, says her male colleagues at Oppenhiemer brokers made her professional life a living hell Everyone knows the City is one of the toughest environments to work in. It's no place for shrinking violets. But, if you're an ambitious woman working hard to succeed, it can be the stuff of your worst nightmares. It took me 17 years of sheer graft to build my career as a top City broker - and just one, brief, phone call last year to totally demolish it. After three years of mental abuse from my male employers, during which I was stripped of many of my top clients and was told my £95,000 salary could be slashed to the minimum wage, then £6.08 an hour, I was so ill my doctor signed me off work. The stress was wrecking my health. Yet, in spite of this, my bosses had the gall to question why I wasn't in the office. I told them they had treated me appallingly and used the dreaded D word - discrimination. That was on a Friday. On the following Monday, I was sacked. It was the final insult in what I can only conclude was a sustained campaign to destroy me and my career, I believe, because I was a strong woman who had dared to break through the glass ceiling. But if my bosses at the prestigious 125-year brokerage, Oppenheimer - or "Bunga Bunga Securities" as it was referred to - thought I would shrink into obscurity like so many other women in the City do, they were wrong. That simply isn't my way. Indeed, earlier this month I won a bitter employment tribunal against them. The panel at the Central London tribunal agreed I had been the victim of sex discrimination and victimisation. They also ruled that my boss had been less willing to help my career, simply because of my gender. I'm speaking out about my ordeal for the first time, not just to shine a light on sexism in the City, still very much alive and kicking, but also to change the perception of women who stand up against discrimination. I want the naysayers to know that women like me are not money-grabbing Barbie dolls intent on revenge. Neither are we hysterical "feminist types" who can't take a bit of "harmless office banter." Sadly, my case was one of many in London's Square Mile. Just days before my tribunal came to an end, another female banker won her sex discrimination case. Cambridge graduate Svetlana Lokhova said she was subjected to victimisation before resigning from the London branch of Russian firm Sberbank. The tribunal heard she had been nicknamed "Crazy Miss Cokehead" by male colleagues. When, in January 2012, she went on leave due to stress, a senior analyst said in an email to a colleague that Miss Lokhova should visit Nigeria for sex with tribesmen to "calm her down." When I stood up for myself I was called "defensive." When I pointed out my achievements I was told to "be more humble." I was told I had good ideas, but when it came to socialising, I didn't fit in (I don't drink alcohol because I like to be healthy). I believe my colleagues marked me down as po-faced as a result. I was called "sweetheart" and told to be a "psychologist" to my clients first, and a broker second. Ask about "problems with the wife," my boss, Massimiliano Lami, instructed me. Atmosphere: Chief Executive Massimiliano Lami arrives at Central London Employment Tribunal Court for Miss Sitz's case My actual job was to help clients outperform the market, so that people like you and me - their customers - get the most out of our pensions and ISAs. It is a serious business. Millions of pounds of your hard-earned cash were riding on my clear, calculated decisions. A lack of concentration and Gordon Gekko-type behaviour could easily lead pension funds to perform badly. Earlier this year figures showed that pensioners have lost £4.6billion a year of vital income in the aftermath of the banking crisis due to poor investment returns. Yet, some of the men at my firm referred to Oppenheimer in group emails as "Bunga Bunga Securities" which I took to be in reference to former Italian PM Silvio Berlusconi's notorious drug-fuelled orgies with alleged prostitutes. It was schoolboy stuff, and highly unprofessional. I've always thought of myself as a strong woman, but the "Bunga Bunga" bank turned me into a broken one. It ate away at my self-esteem and made me doubt my ability. Indeed, Mr Lami told the tribunal that I was "caught up in a fantasy of my own making." I loved my job; it was stimulating, challenging and thrilling, but the constant chipping away at my confidence kicked the fight out of me. I went home every night to my incredibly supportive family, friends and loved ones depressed and upset. I suffered so much from stress, I was signed off sick. I was in a really bad place. Allegations: Miss Sitz outside court in central London during her tribunal It was such a change from the person I was. It may sound conceited to some, but I was a fantastic stock broker, first for Deutsche Bank in New York and London, and then Canadian Bank of Commerce (CIBC) in London, which was later bought by Oppenheimer. A boss there even said I was one of the firm's top stock pickers and at the end of 2010 I was in the top three earners at the brokerage. Indeed, CIBC hired me in 2007 because I could bring a long-standing relationship with an A1 client that every City broker was trying to get their hands on: Pioneer, an Italian-owned fund based in Dublin. On my arrival at the firm I quickly took on another major multi-million-pound client, Threadneedle. I inflated its revenue by 30 per cent to $874,000 - I believe this has never been bettered. My then female boss was delighted. However, things took a dark turn when the company was bought by Oppenheimer in 2008 and Mr Lami was brought on board in 2009. My boss made way for him and was downgraded to a job share, or co-head. There's a saying on Wall Street: "Co-head, you're dead." Little surprise, then, that she is no longer at Oppenheimer. The office atmosphere changed overnight with Mr Lami's arrival. I felt he didn't see women as equal to men. He didn't introduce himself to me for several weeks and when he did, he used a patronising tone. I noticed he touched women when he greeted them and massaged their backs. It wasn't just him. A female colleague was sent a group email with several derogatory cartoons about women drivers when she offered to take people to a work event. I was told that one of my Irish accounts was being taken over by a man because the "boyos" who worked there liked beer and rugby - men's pursuits in other words. Another time, two male colleagues took my client hunting, but didn't invite me. I kept my head down and continued to work hard. I didn't want to be seen as a troublemaker. In early October 2009 I was delighted when Pioneer did its first big trade and was looking forward to receiving $5,000 as a bonus. I was praised in a group email for my "hard work." Then I was told I would now be sharing the account with a new male colleague with less experience, but who knew two more people at Pioneer than I did. It didn't matter a jot that the actual client told me he'd rather have just one person - me - managing the account. I was furious. But worse was to come. It seemed my male bosses were happy to let a woman get so far but no more Isabel Sitz Less than a month later I was taken off the account entirely for no other reason than that my contact had resigned. When I protested, I was simply told, "that's life" and warned not to kick up a fuss. Despite a five-year relationship with Pioneer and opening the damn account in the first place, I was told not to contact the client ever again. To this day I don't know what they were told about my sudden silence. I dread to think. Similarly, when Robert Van Den Berg joined Oppenheimer months later, he was handed the entire Threadneedle account, despite me inflating it by 30 per cent. I was refused secondary coverage because he believed in "strong leadership." However, shortly after, 30 per cent of the account was handed to another new male recruit as a "tip." I also discovered another male colleague was being paid as much as £30,000 more than me. It wasn't fair. When my excellent lawyer at Stone Joseph looked into the gender discrepancies between accounts at the firm, he discovered that almost across the board, my male colleagues controlled the major accounts, while many of the women were languishing in secondary coverage. The lion's share of revenue went to the men. Case: Cambridge graduate Svetlana Lokhova is expected to claim up to £5million in compensation after claiming sexual harassment at an employment tribunal It seemed my male bosses were happy to let a woman get so far but no more. But the big accounts? They were for the boys. I felt women were pushed into a secondary role. Some were happy to accept that. In truth, I felt sorry for them. I wanted to be at the top and felt I deserved to be. Why can't a woman be assertive and have the chance to be a major player? Also, in the City, approximately 80 per cent of the firm's revenue is governed by just 20 per cent of the accounts it has. When you're stripped of your best clients, as I was, it's a struggle to make even the $53,000 minimum monthly revenue target I was set for the firm. As such, by May 2012, I had fallen behind on my targets and was told that to make up the shortfall my £95,000 basic salary could be slashed to the minimum wage, then just £6.08 an hour. My boss just laughed and effectively told me it was that or redundancy. I was not the only sales person at the firm with a deficit, but I believe I was the only person asked to take such a huge pay cut. By then I was so browbeaten I was terrified. In that moment I felt the last bit of my professional identity and self-worth ebb away. I went home that night feeling utterly depressed, deflated and mentally exhausted. I struggled into the office the next day, but I was shaky and full of anxiety. I couldn't go on and was signed off by my doctor. After my bosses questioned my absence I agreed to a meeting over the phone and didn't hold back. I told them my deficit was due to me having my top trading accounts taken away because I was a woman. As soon as I mentioned discrimination it was like I had sounded an alarm. I received a letter of redundancy three days later. I'm not ordinarily a complainer, but I could not have just walked away from that hideous experience and lived comfortably with myself. Mr Lami told the tribunal my claim was a "deliberate and cynical attempt to extract money from the firm." It was never about the money, but the principle. Emotional strain: Miss Sitz says no amount of money could repair the emotional damage she suffered during her time working in the city (library image) The highest payout for a sex discrimination case in the UK in the past five years is just over £400,000 - a far cry from the millions people tend to think tribunals award in these cases. My award is yet to be decided, but no amount of money could repair the emotional damage I have suffered. Women and men should not be judged on gender, sexuality, race or whether they're married and have children. They should be judged on talent, hard work, ability and results. I am extremely happy with my tribunal result, but the victory is bittersweet. I know I will be judged for taking a stand. But at least I can walk away with my dignity and integrity intact knowing I did the right thing by me. The City needs more women and despite what happened to me, many firms do encourage diversity and accept people on merit. I have been lucky to work with some wonderful clients who are utterly professional and happy to work with anyone, entirely dependent on merit. My father told me that cowards do not write history. If my story can influence just one woman to stand up for herself or make other Mr Lamis behave in a better way, then it will have been worth it. lIsabel Sitz was not paid for this article.