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JPMorgan Chase requires tech workers give 6 months notice before quitting

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Re: JPMorgan Chase requires tech workers give 6 months notice before quitting

#11

Post by fnordpiglet »

kyawzazaw wrote: post #10
fnordpiglet wrote: post #7

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 s…

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?

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.

Re: JPMorgan Chase requires tech workers give 6 months notice before quitting

#12

Post by otoburb »

groffee wrote: post #4

Just take the second job and 'work from home' for the old job, what's the worst they can do, fire you?

>>[...] 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.

Re: JPMorgan Chase requires tech workers give 6 months notice before quitting

#13

Post by credit_guy »

groffee wrote: post #4

Just take the second job and 'work from home' for the old job, what's the worst they can do, fire you?

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.

Re: JPMorgan Chase requires tech workers give 6 months notice before quitting

#14

Post by ManuelKiessling »

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.

Re: JPMorgan Chase requires tech workers give 6 months notice before quitting

#16

Post by v3x3366 »

ManuelKiessling wrote: post #14

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.

I think what is shocking about this is the imbalance of power. Though it certainly would still be shocking if JP Morgan also stated that they would require themselves to give at least 6 months notice.
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