The Federal Reserve is considering liftetime bans for two bankers — Frank Smith and Mark Kiolbasa
While it’s unclear whether the Fed is paying closer attention to bankers who are moving to competitors, its actions should encourage bankers and employers to make sure they are behaving legally and ethically during recruitment, legal experts said.
The potential ban “will heighten sensitivity when an individual” leaves a bank, though it shouldn’t stop bankers from exploring job opportunities, said Lisa Narrell-Mead, CEO of Everett Advisory Partners. For now, bankers should simply be extra careful when changing jobs, she said.