Five current and former employees of Bank of America Corp. who are black have sued the second-largest US bank, accusing it of racial discrimination by directing lucrative clients to their white counterparts. The complaint, filed with the US District Court in Boston, insists that the bank differentiate against African Americans in pay, promotions, training and support services. The suit said that the Charlotte based bank frequently teamed African American workers and allocated them to largely minority neighborhoods and low-net-worth clients.

The plaintiffs worked largely in the Atlanta offices of the bank’s Banc of America Investment Services Inc. division, which is being operated from Boston and is part of the bank’s Global Wealth and Investment Management division here. A spokesperson of the bank said the bank intends to ‘vigorously defend against the claims in the lawsuit.’

Reacting to the lawsuit filed the bank in its official communique said, ‘Bank of America has a strong track record of hiring and developing associates. We have been recognized for our success in creating and supporting a diverse and inclusive workplace. Our company does not tolerate discrimination. We intend to vigorously defend against the claims made in this lawsuit’.

Interestingly, the plaintiffs maintained in the suit that when they complained, they were told that many of the bank’s clients are more ‘comfortable’ dealing with sales professionals of their own race.

Moreover, the suit is in any case the second in two years by a group of black employees asserting racial discrimination by a major financial firm. Merrill Lynch & Co. was sued in 2005 by black brokers who alleged that the company discriminated against them and created racial profiles of customers. However, the recent complaint asks for unspecified damages and a court order requiring Bank of America to transform its alleged discriminatory policies.

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