Bank of America Corp is telling fired employees that they cannot accept job offers from competitors for three months unless they give up either deferred compensation or their right to sue the bank, according to documents reviewed by employment lawyers.
Employees who get the pink slip at the nation's largest bank are told that under a federal law they will be paid for a notice period, allowing them time to find a new job.
But if they go to work for a competitor during that period, they must either sign a waiver effectively giving up their right to sue for discrimination, or give up uncollected deferred compensation, according to a lawyer who has represented these clients, a former employee and lawyers who have reviewed documents obtained by Reuters.
"What Bank of America is doing is warping the statute to their advantage," said David Wechsler, a lawyer at Wechsler & Cohen in New York who has represented Bank of America employees in this situation.
"I find this unusually offensive," he said.
Bank Of America Makes Policy On Flashing Your Bare Ass At The Office Clear
Do you anticipate that at some point the future, in a moment of anger, you'll get the urge to unbuckle your belt, drop trou, and display your ass in the direction of your superiors? Do you hope to keep your job afterwards? If so, just a forewarning: Bank of America is not the company for you. Send a resumé to Citigroup or KKR or wherever. According to court documents, Jason Selch's friend Chris O'Dea was fired after he refused to accept lower compensation. This ticked Selch off. Selch burst into a conference room where executives from Columbia were meeting to give them a piece of his mind. He wound up giving them a piece of something else as well. First Selch asked if he had a non-compete agreement, which on Wall Street is usually a way of threatening to quit and go to work for a competitor. After the executives said he didn't have a non-compete, Selch mooned them, told one of the New York-based executives never to return to Chicago, and left the meeting. Extraordinarily, Selch wasn't fired. Instead he was issued a formal warning. Selch’s boss testified that while 99 percent of employees would have been immediately fired, Selch was one of the one percent who could be granted a one free mooning reprieve. The executive actually fought for Selch to keep his job. When Columbia CEO Brian Banks found out about this incident, he insisted that Selch be fired. The behavior was too “egregious” to allow Selch to continue at Columbia. No free mooning at Bank of America, Banks decided—even if you are in the one percent. The firing meant that Selch lost a multi-million contingent bonus package that would have vested if he had remained at the company a few months more. Because he was fired, Bank of America got the keep the money. Selch sued, arguing that firing him after issuing warning was a breach of contract...Last Wednesday, a three-judge appeals panel upheld the trial court, describing the mooning as “insubordinate, disruptive, unruly and abusive.” BofA Right to Fire Broker Who Mooned His Boss: Court [NetNet]
Layoffs Watch '16: Bank Of America Giving Traders The Ax
The cuts are said to be going down in the U.S. circa now.