From NYTimes: “JPMorgan made up its mind on students beginning in late March. Bear Stearns staffers called them with the news, and JPMorgan followed up with a letter a week ago, asking them not to sue if they want their signing bonuses. Of course, for the ones who received their signing bonuses last fall because they accepted job offers early, JPMorgan’s threat may not be enforceable, said Gary Phelan, a partner at Outten & Golden, an employment law firm.” How can these new hires possibly sue JPMorgan, does Bear Sterns offer contracts to its new grads so that they are GUARANTEED the job? I thought it was just offer letters where there was no real obligation from either party.
No, the signing bonus is part of a binding contract for a set period of employment.