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Labour Laws

Labour Laws

Labour Laws

Labour laws apply to all sectors, including banking. While they don't specifically target the banking industry, they do have significant implications for how banks operate and manage their employees.

Labour laws (also known as labor laws or employment laws) are those that mediate the relationship between workers, employing entities, trade unions, and the government. Collective labour law relates to the tripartite relationship between employee, employer, and union. - Labour Law, Wikipedia

Intersection With Open Source​

  • If employees are contributing to firm-related open source projects in their personal time (in order to circumvent the lack of a firm contribution policy, say) this may contravene labour regulations in certain jurisdictions. E.g. staff may exceed working time limitations if time spent contributing open source is included.

Controls​

Relevant Regulation​

See: Summary of Major Laws of the Department of Labor

See: European Labour Law article on Wikipedia.

Example: In 2019, Wells Fargo agreed to pay $35 million to resolve claims that it denied promotions to qualified African American bank employees and retaliated against them when they objected to the racial discrimination they were experiencing.

Example: In 2016, Bank of America faced legal repercussions for violating labour laws. The bank was ordered by a U.S. judge to pay $14 million to former employees of the Merrill Lynch brokerage that it purchased during the financial crisis.