Bond trader tells of pay cut after race complaint

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Bond trader tells of pay cut after race complaint,

A high-flying bond salesman claimed yesterday that his pay was cut by one fifth after he made a complaint of racial discrimination against a partner at the City bank where he worked.

James Curry, a black American Harvard graduate, made the allegations during an industrial tribunal case against Goldman Sachs, which made him redundant in 1995.

Mr Curry, who at one time earned $1.25 million a year, is claiming unfair dismissal and racial discrimination.

He told the tribunal in Stratford, east London, that he arranged a meeting with Mark Winkelman, the bank's global head of fixed income sales, in 1994 to express concerns about the attitude of Bracebridge Young, his departmental head.

"I was concerned about my career, that I was being treated unfairly," he said. Asked by Tim Brennan, solicitor for Goldman Sachs, how Mr Winkelman had reacted, Mr Curry (pictured) replied: "He looked out of the window."

Mr Curry, 43, said: "It is very scary to take on your firm and make complaints against them. Then when you find that the response is a drop in your compensation of 20 per cent by the person that you complained about, then it is additionally difficult."

Goldman Sachs denies that Mr Curry was discriminated against or unfairly dismissed. The company says he was made redundant because his performance had deteriorated, and as part of a cost cutting exercise.

The cases continues today

Kathy Marks