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The Truth About Firm-Wide Employment Terminations
Recently-announced firm-wide employment terminations at Deutsche Bank will require the bank to properly adhere to the statutory requirements for reductions in force (RIF). Terminated employees should be aware that although the bank, or any employer in a similar situation, may have complied with the statute, prior to the employee’s legal release of the bank, the company will not be in the clear for wrongful terminations, including those involving violations of other laws such as discrimination, retaliation, and whistleblower laws, among others. In addition, certain employee benefits or future rights to benefits may have been earned. The employer should consider each employment situation before including specific employees in a RIF. A review of the employment history and circumstances is warranted for each terminated employee. The bottom line is that it is not always so clear-cut.