Regulator says Reich was fired because he failed to supervise subordinates or exercise leadership; he's suing for age discrimination
The Financial Industry Regulatory Authority Inc. has fired back against Hans Reich, the former district director of its New York office, who sued Finra in August for age discrimination.
Mr. Reich's lawsuit claims he was fired out of the blue last December when his new boss, Susan Axelrod, head of Finra's member regulation operation, told him she wanted someone more "active, engaged and involved" in his position.
Ms. Axelrod, who declined to provide any additional reasons for his termination, really wanted a younger person to run the district office, Mr. Reich claims.
In a court filing Wednesday, Finra said that Mr. Reich's “management style conflicted with [Ms.] Axelrod and, after observing his discharge of his responsibilities in her new role, [Ms.] Axelrod concluded that his performance was inadequate in that he failed to supervise his subordinates, lacked visibility in the brokerage community, and failed to exercise leadership of the offices in his charge."
Mr. Reich, 66, left Finra March 31 after running the New York office since 2004.
Ms. Axelrod took over as head of member regulation in July 2010, replacing Mr. Reich's former boss, Bob Errico.
Mr. Reich claims he never received a performance evaluation from Ms. Axelrod, and got no bonus for 2010.
In an amended complaint filed this month, Mr. Reich said that in 2007, 2008 and 2009, he was rated as an "exceptional contributor" and given a high score under Finra's review system.
He claims he consistently received raises and bonuses during his career at Finra.
Finra spokeswoman Nancy Condon declined comment. Mr. Reich's lawyer, Jeff Liddle, managing partner of Liddle & Robinson LLP, was not available for comment today.
The case is being heard in U.S. District Court for the Southern District of New York.
