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Bank of America Sued Over Gender Bias

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bank_of_america_nyjcWe here at Scanner are not huge fans of Bank of America. Sure, we have five accounts there, but we probably pay more in fees than we make in a year. So we have to admit it brings us some pleasure to see the company is getting sued, even if it’s for discrimination.

Apparently, female brokers were paid lower retention bonuses than white male brokers when BOA and Merrill Lynch merged earlier this year.

The lawsuit seeks class-action status, and contends that women brokers were typically eligible for lower bonuses because of gender bias at Merrill, including the brokerage’s practice of steering wealthier clients to male brokers.

Because bonuses were based on “production,” or fees earned on client assets, the payout practice authorized by Bank of America “disproportionately disadvantages women and advantages white men as favored employees,” the complaint said. [Reuters]

Why are we not surprised?

You can tell your Bank of America story at ScrewedbyBofA.com, a site run by the SEIU.

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