Skip to main content

Severance Watch '09: BAC

  • Author:
  • Updated:

At this point it pretty much looks like it'd be preferable to be laid off from Bank of Amerillwide than employed, compensation-wise. However, there is still some, shall we say, discontent among the former BAC'ers no longer lucky enough to be working under Ken Lewis, and in the reflected glow of Ang. Moz. An unofficial spokesman for the group writes:

FYI - maybe there is something in this issue; I've confirmed that Corporate and Investment Banking (CIB) employees who were cut last week were treated differently in NYC and Charlotte in severance pay. The NYC employees were all given 3 months + 2 weeks of pay * every full year of service (rounds down). The Charlotte employees were given a meager 2 weeks of pay * every full year...a huge difference.

Not sure if there is a potential violation of labor laws here (WARN ACT or other laws), but it's very clear that employees in Charlotte are treated like crap compared to the NYC staff. Maybe there is something to be investigated further, but I know for a fact that Wachovia's severance is much better, and all other banks have better severance.