Pink Slips

BofA Ties Fired Workers’ Hands

We thought firing meant your bosses gave up the right to tell you what to do, but apparently we just don’t understand banking: “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,” reports Reuters. “[I]f 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. … Bank of America's steps reflect a shifting balance of power on Wall Street—banks increasingly have the power to name their terms when hiring and firing employees as the number of jobs in the industry shrinks.”