20070718 Those losing jobs at Merc get 11 pages of spaghetti by Jay Hancock

Those losing jobs at Merc get 11 pages of spaghetti

Jay Hancock

July 18, 2007

As psychological trauma goes, losing a job ranks with divorce and the death of a loved one at the top of the scale.

Shame there's so much paperwork. The 11-page contract that laid-off employees from PNC Financial Services Group must sign is the most complicated severance deal I've seen for anybody without a regular seat on a corporate jet.

Hundreds of former Mercantile Bankshares workers have to think about whether to select "Option A" or "Option B" in their PNC separation deals. They're supposed to apply for state unemployment benefits, even while collecting severance checks from the company. They must decide whether to extend medical coverage, sign a confidentiality agreement and agree not to sue.

All while worrying about lost income, looking for a new job and potentially sinking into depression, which is common for the jobless.

"You have been advised to review this agreement and discuss your options with an attorney you choose," reads the PNC severance contract. Who can afford a lawyer? These folks are about to be unemployed.

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In March, Pittsburgh-based PNC paid $6 billion for Mercantile, a legendary Baltimore institution and the largest banking company still based in Maryland.

PNC told more than 900 Mercantile employees in Maryland and nearby states that their jobs are gone. Hundreds are in Maryland, including 323 in Linthicum, where Mercantile had a back office.

Read his entire column here: Those losing jobs at Merc get 11 pages of spaghetti

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