Tribunal told stockbroker quit because firm ignored bullying
A high-flying stockbroker quit a top firm because it ignored the aggressive bullying and intimidation he suffered from a colleague and long-standing friend, an employment tribunal heard today.
Former Goodbody Stockbrokers investment manager John Looby, 36, claimed the behaviour of Michael O’Sullivan frightened him at times and that his bosses never tried to resolve the issue.
Mr Looby, who was earning €124,000 a year, said he was forced to resign last October and hasn’t worked since due to medical problems.
Goodbody’s, which is owned by AIB and is Ireland’s oldest brokers, is contesting the action at the Employment Appeals Tribunal.
It claims Mr Looby resigned of his own free will and also refused another position created for him at the firm.
Mr Looby gave evidence today that he and Mr O’Sullivan met through work in 1987 and later played rugby, socialised and holidayed together.
However their relationship ran into trouble when he and Mr O’Sullivan were hired by Goodbodys to run its elite high-risk hedge fund management project in August 2003.
Mr Looby was given an annual salary of €124,000 and guaranteed a €50,000 bonus a year later.
But he told today’s Employment Appeals Tribunal: “From seven in the morning through to the evening, I was faced with a spectrum of behaviour [from Mr O’Sullivan] that ranged from a cutting silence right across to explosive aggression,”
Admitting he was a tough 16-stone rugby front-row player, he added: “I felt physically afraid of the white-faced aggression would come at me across the desk.”
Mr Looby’s counsel, Michael MacNamee, BL, claimed in his opening statement that Mr O’Sullivan subjected his client to unjustified criticism, undermined his achievements and often gave him silent treatment.
“He was subject to a sustained campaign of aggression, bullying, intimidation and unreasonable behaviour taking different forms… verbal, never physical, but he felt it was very close,” he added.
Mr MacNamee said Mr O’Sullivan’s behaviour placed Mr Looby under intolerable pressure in his job and he sent a written complaint to Goodbody’s chief executive Roy Barrett in April 2004 before resigning.
“My client had a complaint. It was never investigated. Attempts were never made by Roy Barrett to talk and resolve the issue,” Mr MacNamee said.
Mr Looby hasn’t worked since then and medical evidence would be produced to show the reasons why, the tribunal heard.
Goodbody’s, which is strenuously defending the action, claims Mr Looby resigned of his own free will and had admitted at the time that the job "wasn’t for him".
Counsel Seamus Clarke, BL, said the firm had tried to create a new role for Mr Looby within Goodbody’s but he never showed enthusiasm for this proposal.
Mr Looby said he began his broker career with NCB in 1987 and later joined Setanta Asset Management and later became Head of Fixed Income and Economist.
He said Mr O’Sullivan had a strong work ethic, an extremely determined approach to all aspects of his life.
He first became aware of Mr O’Sullivan’s aggressive behaviour when he verbally abused the other member of the hedge fund team, Brian Gray, in July 2002, he said.
When the trio began work with Goodbody’s in August 2003, Mr Looby gradually noticed Mr O’Sullivan’s negativity towards him.
He would regularly “dismiss out of hand” his opinions and comments, he said.
A member of Barnhall Rugby Club in Co Kildare for 25 years, Mr Looby explained: “I understand the parameters of sport and business, but these parameters were smashed day in, day out.”
The hearing, which is expected to call five more witnesses over two further days, was adjourned by tribunal chairperson Dympna Cusack until November.
