NEW YORK A former managing director at Deutsche Bank sued the firm for age discrimination on Tuesday.
Robert Jeffe, 62, former chairman of the corporate advisory group, said clients were taken from him and given to younger managing directors, according to the lawsuit filed in New York state Supreme Court in Manhattan.
Jeffe also claims he was grossly underpaid and missed out on millions of dollars in bonuses in 2009 before fired last year.
Deutsche Bank "wanted to reap the benefits of Jeffe's successful and long-standing relationships and shift them to the younger managing directors, at Jeffe's expense," the lawsuit said.
"We believe this suit has no merit," Duncan King, a spokesman for Deutsche Bank, said.
Jeffe was recruited in 2004, according to the lawsuit. He received a $2 million signing bonus and guaranteed compensation of $3 million for each of 2005 and 2006. In 2007, he was paid $5.3 million.
In 2009, despite helping land work on the $50 billion merger of Petro-Canada and Suncor Energy Inc, his compensation was $1.25 million, the lawsuit says. Younger managing directors got $2 million or more for that year, plus special awards of another $2 million.
In 2010, he was denied year-end compensation, the complaint said.
Jeffe is seeking monetary damages and other relief.
The case is Robert Jeffe v Deutsche Bank Securities Inc., New York state Supreme Court, New York County 654408/2012.
(Reporting by Karen Freifeld; Editing by Leslie Gevirtz)