Citigroup private banker gets $1.4 million in harassment claim

A Finra arbitration panel rules in favor of Erin Daly, who filed a federal complaint against Citigroup alleging gender discrimination.

A former Citigroup private banker on Friday won a long-running complaint against the firm in which she charged the bank violated a variety of gender discrimination and harassment rules. A Finra arbitration panel gave the private banker, Erin Daly, an award of $1.4 million, according to the Financial Industry Regulatory Authority Inc. filing.

Daly worked for Citigroup Global Markets Inc. from December 2007 to December 2014. She later filed a federal complaint alleging unlawful gender discrimination and retaliation by Citigroup that ran afoul of federal whistleblower protections. In 2018, Citigroup won its motion to compel arbitration in the matter, and Daly filed her claim against the bank in 2021.

Daly is not currently registered in the securities industry, according to her BrokerCheck profile.

“As we have maintained for the last six years, we do not believe Ms. Daly’s claims have any merit,” a Citigroup spokesperson wrote in an email. “We disagree with this decision and will explore our options.”

As is typical with such Finra arbitrations claims, the three panelists gave no explanation for the award.

Daly charged Citigroup with a variety of discrimination allegations, including discrimination based on gender under New York state laws; harassment and hostile work environment; and violation of whistleblower protection under Dodd-Frank. That final charge was dismissed earlier this year after Citigroup filed a motion to dismiss several claims, according to the Finra arbitrators’ decision.

Citigroup was ordered to pay Daly $1.4 million in compensatory damages and $42,000 in legal fees. The panel also recommended that the reasons for Daly’s firing by Citigroup in 2014 be expunged from her industry employment records.