Which Part Of "Bank Of America" Did You Not Understand?

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If you were planning on changing your name to something a bit more... traditional, now is the time because, if you hadn't noticed, one provision of the stimulus bill orders changes to the famous Emma Lazarus lines: "Give me your tired, your poor, your huddled masses yearning to breathe free... provided they don't have any form of H1-B visa stamped in a foreign passport, in which case send them right the hell back." A Dealbreaker operative spotted work crews hacking away at the plaque at Liberty's feet last weekend.

Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from US business schools this summer, citing conditions laid out in its bail-out deal as the reason.
The recently passed $787bn stimulus bill in effect prevents financial institutions that have received money from the government's troubled asset relief programme from applying for H1-B visas for highly skilled immigrants if they have recently made US workers redundant.

All we can say is... America! Fuck yeah!
(We are entirely certain that the connection to North Carolina has absolutely nothing to do with BoA being the first to implement the ban. We did hear that a butcher knife wielding Daniel Day Lewis will play Ken Lewis in the motion picture. No word on Leo yet).
BofA withdraws job offers to foreign MBAs [The Financial Times]

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Bank Of America Knows What You Did At Denny's 14 Years Ago

And it's going to fire you without pay over them, realize they did so in error, not feel bad about it and tell you to shoot HR a cover letter and résumé if you'd like the opportunity to try and get your old job back. Paul Boudwin knows what we're talking about. Boudwin's ordeal began in July 2011, when the bank was reviewing its employment records to ensure it complied with new federal rules that, among other things, require a criminal background check for anyone who works at a mortgage originator. When he was hired by the bank in 2006, Boudwin disclosed what he says was a legal misunderstanding from his college days. He and his best friend ate breakfast at a Denny's in Scottsdale, Ariz., near the Arizona State University campus. The place was a student hangout, and after they finished their meal, they mingled with other friends for a while. Each assumed the other had paid the check. When they left the restaurant an hour or so later, a manager confronted them outside, accused them of walking the check and called the police. They were arrested, paid a $50 fine and the $20 tab, tip included. The charge was later dismissed. "There was no intent for not paying for an omelet," Boudwin said. When Bank of America's review last year turned up the information about the omelet incident that Boudwin disclosed when he was hired, it set off a bureaucratic process impervious to reason. In a letter included in the lawsuit, the bank said the charge amounted to a "disqualifying conviction" under the law, which prohibits anyone convicted of an offense involving dishonesty or breach of trust from working at a financial institution. Boudwin submitted court records showing the charges were dismissed. Bank officials assured him the matter would be sorted out, and the bank even filed for a waiver from the Federal Deposit Insurance Corp. on his behalf, court records show. However, the bank said because of the new rules, Boudwin couldn't continue to work during the six to nine months it might take to get the waiver. He was put on an unpaid leave of absence, and his Wharton trip was canceled. He was told he would receive his back pay and bonus when he was reinstated, he said. In late February of this year, his boss called. Boudwin thought his ordeal was over and the FDIC had granted the waiver. Instead, his boss told him he was being fired. The bank was tired of waiting, he said his boss told him. Two weeks later, the FDIC granted the waiver, but Bank of America refused to reinstate Boudwin to his old position. He was welcome to reapply, but his seniority, bonus and back pay would be lost. Unfortunately for Bank of America, Boudwin decided that appealing as that sounded, he'd prefer to win the money owed to him in court, and filed suit against BofA last week. Will his case set a precedent for financial service employees wrongfully fired over misunderstandings at Denny's, IHOP, OHOP, and local diners everywhere? Stay tuned. Bank Lays Egg In Omelete Case [Chronicle] Paul Boudwin Fired By Bank Of America Over Denny's Omelet Dispute [HP]

Bank Of America Doesn't Understand That Junior Mistmakers Are Special

If it did, the BAC would be treating its li'l bankers as though they were individuals with unique talents rather than lumping them together and calling them all by the same name. Anyway, here are a few more details about Brian Moynihan et al's plan (announced yesterday) to fire a bunch of senior people and bus teams of junior employees around wherever they're needed to pick up the slack. From the front lines: "Worord is BofA will merge junior banker resources into several broad "superpods" across the bank. Appears to affect analysts, associates, and some VPs. Also some rumors that the juniors making up the superpods might be co-located. Essentially they just became that much more interchangeable and replaceable and commodified. Politics and turf battles here between groups are pretty bad as it is...this is only going to make it 5000x worse."