Bank of America, which lost a financial advisor with $5.9 billion in client assets to a rival late last year December, told some workers to sign agreements forcing them to go on reduced-pay “garden leave” if they plan to resign, Bloomberg reported.

Employees of the bank’s US Trust unit received the notice this week ahead of 2010 bonus payments and were told their continued employment hinged on agreeing to the new policy, the news service said, citing an unnamed source.

BofA did not respond to this publication's request for comment at the time of going to press.

The report highlights how the labour market for private banking is still in a state where banks are able to negotiate such terms.

Advisors who previously could resign after two weeks are now forbidden from soliciting their clients for eight months, according to a copy of the document obtained by the news service.

The report said that Sallie Krawcheck, head of Bank of America’s wealth management division, is seeking to stem defections. US Trust last year lost Michael Brown, whose clients had a typical net worth of $50 million. He joined a start-up co-founded by former Citigroup executive Todd Thomson.

BofA declined to comment, the report said.

At US Trust, associates who choose to resign “may be assigned whatever duties” the firm decides during a 60-day leave, according to the policy. They will forfeit bonuses and must wait another six months before soliciting former clients or colleagues to join their new venture, according to the document.