Is This Any Way To Treat A Loyal Employee ?

Showing You The Door

Doesn't anyone have an ounce of common sense and loyalty ?

Earlier this year, Paul Boudwin lost his job with Bank of America. This, though, is no ordinary tale of unemployment in the aftermath of the financial crisis.

Boudwin, 35, was a successful wealth manager at the bank's Houston office. Last year, he was recognized with the bank's 'Chairman's Club' award, which came with a trip to Philadelphia for training at the University of Pennsylvania's prestigious Wharton School. He was on track for a big bonus. reports that Boudwin's ordeal began in July 2011, when the bank was reviewing its employment records to ensure it complied with new federal rules that, among other things, require a criminal background check for anyone who works at a mortgage originator.

When he was hired by the bank in 2006, Boudwin disclosed what he says was a legal misunderstanding from his college days.

He and his best friend ate breakfast at a Denny's in Scottsdale, Ariz., near the Arizona State University campus. The place was a student hangout, and after they finished their meal, they mingled with other friends for a while. Each assumed the other had paid the check. When they left the restaurant an hour or so later, a manager confronted them outside, accused them of walking the check and called the police.

They were arrested, paid a $50 fine and the $20 tab, tip included. The charge was later dismissed.

'There was no intent for not paying for an omelet', Boudwin said.

When Bank of America's review last year turned up the information about the omelet incident that Boudwin disclosed when he was hired, it set off a bureaucratic process impervious to reason. In a letter included in the lawsuit, the bank said the charge amounted to a "disqualifying conviction" under the law, which prohibits anyone convicted of an offense involving dishonesty or breach of trust from working at a financial institution.

Boudwin submitted court records showing the charges were dismissed. Bank officials assured him the matter would be sorted out, and the bank even filed for a waiver from the Federal Deposit Insurance Corp. on his behalf, court records show.

However, the bank said because of the new rules, Boudwin couldn't continue to work during the six to nine months it might take to get the waiver. He was put on an unpaid leave of absence, and his Wharton trip was canceled. He was told he would receive his back pay and bonus when he was reinstated, he said.

In late February of this year, his boss called. Boudwin thought his ordeal was over and the FDIC had granted the waiver. Instead, his boss told him he was being fired. The bank was tired of waiting, he said his boss told him.

Hit the link below to access the complete article:

Steffy: Bank lays egg in omelet case

UBS chief: Other banks may need to downsize too

Sandy likely will lead to lower gasoline prices


JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts