An investment banker who brought a discrimination case against his employers at Dresdner Kleinwort has lost his action.
Australian Malcolm Perry had claimed that he had been forced out of his $4.5 million per year job with the bank because he was not German and could not speak German.
Mr Perry had claimed that he lost his job at the organisation because Dresdner Kleinwort was operating a policy of 'Germanification' by carrying out a policy of filling managerial positions with Germans and those who spoke German.
However, the bank rejected these suggestions and the employment tribunal has thrown out his claim for almost $20.8 million in compensation, concluding that Mr Perry did not suffer any direct racial discrimination for not being German or being able to speak German.
"Dresdner Kleinwort is pleased that the tribunal unanimously agreed that the bank did not discriminate against Mr Perry and has dismissed this claim," said a spokesperson for the bank.