Mizuho Securities USA underpaid nonwhite employees based in part on performance reviews "replete with thinly disguised racial stereotyping,” according to a lawsuit filed by four former executives.
The former employees of the investment bank’s power and utilities group claim company executives made racist comments. As an example, they cited a business dinner in Orlando, Florida, attended by three of the four former workers, including Nelson Chang, who is Asian. A white Mizuho managing director "entertained the diners with his impression of an Asian accent by mocking the accent in an exaggerated way,” which "embarrassed and humiliated” Chang, according to the complaint.
Three of the four former executives say they were fired after complaining to higher ups about the discrimination they faced. The fourth said he left on his own when it became clear to him that, because of his black skin, he had no chance of advancement.Despite performing their jobs with "diligence and skill,” they were hit with performance reviews that were "permeated” with racial tropes, they said. "Thus, for example, Blacks were lacking initiative, i.e., ‘lazy,’ and Asians were ‘good with numbers,’ i.e., not personable in client relations,” they said in the complaint.