Based on recent news from Greg Farrell at the FT, Bank of America employees are getting royally screwed.
First, they watched Merrill Lynch’s toxic balance sheet destroy the value of their 401ks. Then then watched as Merrill took $4 billion of the latest bailout money and passed it straight through to its employees. And now comes news that a chastened Bank of America will try to make up for this outrage by hosing its own employees–deferring 2008 bonuses to next year and beyond!
We’re pinging some of our BOFA sources to see how they feel about this wholesale reaming, but it appears that, sadly, several have been canned. We’ll keep trying. In the meantime, feel free to send us your thoughts ([email protected]) or post in the comments below.