Bank Of America Resorts To Xenophobia In Bonus Battle


What possible argument could Bank of America have for resisting Andrew Cuomo’s demand for the names of the recepients of the bonuses Merrill paid out for last year?

Basically, Bank of America is arguing that the names and bonus numbers are trade secrets. It claims that if the information were made public its rivals would be given a ‘roadmap” for poaching their talent. To make argument stronger, they’re even throwing in a bit of xenophobia.


“What’s at issue is the confidentiality of the names,” Evan Davis, an attorney for Bank of America, argued in court today. “Americans care about their privacy. That matters to us because if we don’t try to protect it and succeed in protecting it, we’ll lose them to foreign banks.”

See? Privacy invading and foreign banks. If you don’t let Bank of America keep the Merrill bonuses secret the evil doers win!

So why is Cuomo so eager to get the names? Well, perhaps he’s seen this chart.


NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at