OMG Get Me Out of Here, Says Merrill Broker Blocked By Bank of America
What the fuck planet do we live on?
Former Merrill Lynch & Co. brokerage head Robert McCann is going to court today to ask a New York State judge to grant him “emergency” relief that will force Bank of America Corp. to let him take another job.
Bank of America fired McCann without cause after rejecting his offer to resign, part of “vengeful conduct intended to both punish and humiliate” him for trying to quit the Charlotte, North Carolina-based bank, McCann said in court papers filed yesterday.
McCann sued the bank in New York State Supreme Court last month, arguing he will suffer “irreparable harm.” He seeks an immediate lifting of the non-compete clause from Justice Melvin Schweitzer in Manhattan. A hearing is scheduled in the case for today.
“BAC is now threatening to enforce a non-competition clause and prevent me from accepting the opportunity to go back to work in a ‘once in a lifetime’ role,” McCann said in court papers, referring to the bank by its stock ticker.
“At age 51, given the recent contraction in the financial industry and the concomitant scarcity of senior positions, it is fair to say that I may never see a job opportunity like this again,” he said.
McCann announced plans to leave Bank of America in January, less than a week after the company completed its $18.5 billion acquisition of Merrill Lynch. He said in the suit that he left for “good reason” after his role was “severely diminished” and he didn’t get a bonus following the sale. After initially saying McCann’s resignation would be effective in July, the bank fired him in February, according to the suit.
UBS AG, Switzerland’s largest bank, was close to hiring McCann as head of its wealth management unit in the Americas, the Financial Times said last month.
Shirley Norton, a Bank of America spokeswoman, declined comment yesterday. Steven Kayman, a bank attorney and a partner at Proskauer Rose LLP, didn’t immediately respond to a voice- mail message seeking comment.
McCann said in his lawsuit that Bank of America was required to buy his Merrill Lynch shares for more than $18 million after firing him and hasn’t done so.
Damn. That's really all I've got on this. Just damn.