New expense policy governs excessive expenses
Fri 11 Sep 2009
On Sept. 13, a new policy will be posted to the Bank of America Internet site to provide further clarity around expenses that may seem excessive or luxurious.
The “Excessive or Luxury Expenditures Policy” supplements other policies and addresses:
* What may be considered an excessive or luxury expense
* What is prohibited and the applicable reporting process
* How to gain pre-approval for any questionable expenses
* Mandatory results of non-compliance with this policy
“This new policy reinforces the overall Bank of America expense philosophy,” said Joe Price, Chief Financial Officer. “We’ve always been recognized as a leader in managing expenses and it is the responsibility of each and every associate to ensure that we continue to manage expenses, grow our business and deliver a return to our shareholders.”
Activities governed under this policy include:
1. Entertainment or events
2. Office or facility renovations
3. Aviation or other transportation services
4. Other similar activities or events to the extent such expenditures in these categories are not reasonable expenditures for staff development, reasonable performance incentives, or other similar reasonable measures conducted in the normal course of the corporation’s business operations.
For the purpose of this policy, excessive expenses are considered beyond the normal reasonable limits or lacking reasonable restraint for the normal course of the corporation’s business. As such, expense limits may differ between the lines of business.
The new policy is a requirement of the Federal government’s Troubled Asset Relief Program (TARP) and is mandatory for all participating institutions
Does this include me? pls say no.
-vickles
“…lacking reasonable restraint for the normal course of the corporation’s business. As such, expense limits may differ between the lines of business.”
Whaddya mean the Merryl Lynch leftovers get more spending money than me! Without me charging Mrs. Jones 30 dollars everytime she overdrafts because her social security check is late, BoA woulda gone the way of Leemans!
Retail Banking Specialist
Retail Bank Teller
The tool in the picture above doesn’t look the power house we saw in yesterday’s mockumentary. What happened?
When will Greg boy come up with a title just as remotely effective as this one?
Ken Lewisw is a turd
Ken Lewisw is a turd
where is the moonshine? Seriously, send some my way, now.
Oh Kenny…You’re gonna love prison
I’ll be waiting for you
Bernie PS we’ll talk at the sweat lodge
“expense limits may differ between the lines of business”
Right. So, in money-making businesses, billing through hookers are OK. In expense-side lines (*ahem* research *ahem*) anything above the price of a No. 2 pencil is subject to 3 superior-officer sign-offs.
As it should be.
Oh, and that little expense control policy’s going to curb those pesky bonuses too. Don’t worry Merrill folks, Kenny-boy’s got the top-paying branch on the block…
Will this new policy cover Brille’s relo to Asia???
Will this new policy cover Brille’s relo to Asia??? Or does he go on a container ship?
Will this new policy cover Brille’s relo to Asia??? Or does he go on a container ship?
Does this mean Steele can’t expense his knee pads anymore?
Does this mean Alphin can’t expense his knee pads anymore?