Which, admittedly, has probably got to hurt Ken Lewis and his in-house hairdresser Angelo Mozilo. How are the jilted lovers reacting to the lack of loyalty? Are they letting (former) employees realize the error of their ways and come crawling back in their own time, at which point they'll get down on their knees and beg BAC to give them another chance, having woken up to the fact that it was the best thing to ever happen to them and they threw it all away for one night with a cheap skanka $600,000 signing bonus? Not so much! Instead, K to the L and Moz-y are essentially performing the equivalent of late night drive-bys, slashed tires and hand written threats left on the hoods of cars. The Charlotte Observerreports:
Bank of America Corp. appears to be getting a little testy about losing employees to GMAC Financial Services.
The Charlotte bank's legal department recently sent letters to some of the departed workers, reminding them to follow any agreements that prevent them from disclosing proprietary information or recruiting former colleagues, sources told the Observer.
The rivalry is spiced up by the fact that GMAC's chief executive is former Bank of America chief financial officer Al de Molina. As he adds legal, compliance, risk management and marketing staff, de Molina has tapped more than a half-dozen executives from his former employer.
To help land hires, GMAC is paying some executives signing bonuses.
For example, the company gave former Bank of America executive Sanjay Gupta a $600,000 joining bonus when he became chief marketing officer last year, according to an employment agreement filed with the Securities and Exchange Commission. Bank of America's Samuel Ramsey also received a $300,000 signing bonus last year when he became GMAC's treasurer, according to his agreement. He's since been promoted to chief risk officer.
BofA Bristles At Losing Workers To GMAC [Charlotte Observer]