2018-02-13 — nytimes.com
The lawsuit, filed in federal court Monday by a current employee of Mr. Cohen's Point72 Asset Management, describes a toxic working environment for women. Those with years of experience were often referred to as "girls" or "sweethearts." Some were excluded from meetings that were deemed for men only, the lawsuit said.
The lawsuit offers a rare glimpse inside the $11 billion firm, which is run by one of Wall Street's most fabled traders and is a huge source of business across the banking industry. Mr. Cohen, who is in the midst of trying to repair his tarnished public image and raise money from investors, is not accused of inappropriate behavior in the lawsuit.
Mr. Cohen's former firm, SAC Capital Advisors, shut down in early 2014 after it pleaded guilty in an insider trading investigation.
Mr. Cohen wasn't charged by the authorities. But he agreed to a two-year ban from the securities industry for failing to properly supervise some of his staff. He created Point72, which currently has more than 1,000 employees, to manage his personal fortune.
The ban from the securities industry expired at the end of last year. Mr. Cohen, 61, is preparing to relaunch Point72 as a hedge fund that will manage money for outside investors.
While traditional Wall Street firms have overhauled their cultures in recent years and elevated women to positions of authority, the $3 trillion hedge fund industry has been far slower in breaking away from its male-dominated roots.
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