[HN Gopher] JPMorgan Chase requires tech workers give 6 months n...
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JPMorgan Chase requires tech workers give 6 months notice before
quitting
Author : rmason
Score : 21 points
Date : 2023-03-03 20:50 UTC (2 hours ago)
(HTM) web link (nypost.com)
(TXT) w3m dump (nypost.com)
| ManuelKiessling wrote:
| I'm really afraid I might explode some US-american brains
| remotely over the internet, but here we go: in Germany, a 3-6
| month leave notice -- for both sides of the work contract! -- is
| the norm for practically every employment.
| LatteLazy wrote:
| Did the "author" really just reprint a shitty annon social media
| post as an article? And they could not even be bothered to check
| the HR/Legal on the actual enforceability of these agreements?
| dfrankle wrote:
| Wow, JPMorgan Chase really wants to make sure they have enough
| time to find a suitable replacement. That's dedication!
| laweijfmvo wrote:
| "requires?" or else what, they fire you?
| fnordpiglet wrote:
| They claw back your deferred comp.
| fnordpiglet wrote:
| This isn't unusual on Wall Street. It's called gardening leave.
| You're paid for the gardening leave but can't work for a
| competitor during that time. The incentive is your deferred
| compensation is forfeit if you breach the notice period.
| Typically you aren't asked to do any work for the firm you're
| with - you literally just go garden for six months. This is so
| common that every firm on the street realizes you'll be subject
| to the notice period they're either willing to make you whole on
| your deferred compensation or will wait. The friction comes with
| tech companies that are surprised when there's such a lengthy
| notice period. Likewise they're not generally willing to make you
| whole on deferred compensation nor on any accrued bonus (bonuses
| are typically paid in January/ February, and can be a multiple of
| your base salary so starting a new job in June and not being paid
| half your years bonus means losing half your earnings).
|
| I am surprised the NYP, the beacon of quality journalism it is,
| isn't aware of this culture being based in NYC.
| kyawzazaw wrote:
| Is JP Morgan Chase paying during the gardening leave for a low-
| level tech employee? I haven't heard of that corporation doing
| that for non-executives. Do you have any info on that?
|
| Yes, this is common culture among top traders, quant firms,
| etc. But a generic tech employee at Chase?
| fnordpiglet wrote:
| It's pretty common. There's a threshold of seniority for
| these sorts of clauses, but it's usually in the VP space. The
| person was quoted with a $400k total compensation which puts
| them in the realm of gardening leave. It's not limited to top
| traders or executives.
|
| Yes you are paid, but only your base. You presumably get your
| bonus covered by the new place.
|
| Source: I've been working at big banks for about 20 years
| now, as well as FAANG off and on and have enjoyed gardening
| leave myself many times.
|
| Edit: note VP at a bank is a pretty mid level role, typically
| 10 years xp.
| olliej wrote:
| Huh, do they also guarantee 6 months notice when firing people?
| rmason wrote:
| This is the height on insanity. If they fire tech workers do they
| give him or her six months of severance? All it needs is one
| worker to hire a good lawyer and challenge it.
|
| What happens when you're hired if you cross out the six and write
| in two months notice? I've crossed stuff out before on employment
| agreements and it has been accepted. Usually if I remember about
| the company owning all your thoughts and ideas even when you're
| not working. Once you're almost hired as long as the request
| isn't unreasonable they're not wanting to go through the
| interview process again over something relatively minor.
| fnordpiglet wrote:
| Wall Street layoff packages tend to be pretty generous, and you
| typically get all your deferred compensation paid to you
| immediately. This can be a substantial amount of money as most
| of your take home is in a bonus, and a lot of that can be
| deferred up to 10 years.
|
| They also pay you to not work during the six month gardening
| leave.
| groffee wrote:
| Just take the second job and 'work from home' for the old job,
| what's the worst they can do, fire you?
| otoburb wrote:
| >> _[...] what 's the worst they can do, fire you?_
|
| Depends on whether there are any clauses in your employment
| contract that cover this situation, in particular clawback
| provisions, the conditions upon which they might be triggered,
| and what you agreed to be subject to if such conditions are in
| play.
| credit_guy wrote:
| The worst that can happen is that you get in legal trouble. If
| your new job is another Wall Street bank, they know the game,
| and they would not want you to start working for them while you
| are on your garden leave.
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(page generated 2023-03-03 23:02 UTC)